Brokers Issue Forecasts for Altus Power, Inc.'s Q1 2024 Earnings (NYSE:AMPS)

Altus Power, Inc. (NYSE:AMPS - Free Report) - Equities research analysts at B. Riley lowered their Q1 2024 earnings estimates for shares of Altus Power in a report issued on Monday, April 22nd. B. Riley analyst C. Souther now anticipates that the company will earn ($0.08) per share for the quarter, down from their previous estimate of ($0.06). B. Riley has a "Buy" rating and a $7.00 price target on the stock. The consensus estimate for Altus Power's current full-year earnings is ($0.10) per share. B. Riley also issued estimates for Altus Power's Q2 2024 earnings at $0.02 EPS, Q3 2024 earnings at $0.04 EPS, Q4 2024 earnings at ($0.07) EPS, FY2024 earnings at ($0.09) EPS and FY2025 earnings at ($0.08) EPS.

Altus Power (NYSE:AMPS - Get Free Report) last released its quarterly earnings data on Thursday, March 14th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.02). Altus Power had a negative net margin of 6.03% and a negative return on equity of 0.30%. The company had revenue of $34.19 million for the quarter, compared to the consensus estimate of $42.85 million.

Several other analysts have also recently issued reports on AMPS. Morgan Stanley restated an "overweight" rating and set a $9.00 target price on shares of Altus Power in a research report on Thursday, April 11th. Maxim Group initiated coverage on shares of Altus Power in a research report on Wednesday, April 10th. They set a "buy" rating and a $7.00 target price on the stock. Finally, Roth Mkm decreased their target price on shares of Altus Power from $8.00 to $7.00 and set a "buy" rating on the stock in a research report on Friday, March 15th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $8.25.

Altus Power Price Performance

Shares of AMPS traded down $0.14 during midday trading on Wednesday, hitting $3.68. 787,502 shares of the company traded hands, compared to its average volume of 1,096,376. The firm has a 50 day moving average of $5.36 and a 200-day moving average of $5.56. Altus Power has a 52 week low of $3.57 and a 52 week high of $7.28. The stock has a market cap of $585.41 million, a price-to-earnings ratio of -52.56 and a beta of 0.88. The company has a debt-to-equity ratio of 2.33, a quick ratio of 2.15 and a current ratio of 2.15.

Insider Buying and Selling

In related news, CEO Lars Norell sold 40,000 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $5.58, for a total value of $223,200.00. Following the sale, the chief executive officer now directly owns 21,654,907 shares of the company's stock, valued at approximately $120,834,381.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Lars Norell sold 40,000 shares of the firm's stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $5.58, for a total transaction of $223,200.00. Following the transaction, the chief executive officer now directly owns 21,654,907 shares of the company's stock, valued at $120,834,381.06. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Anthony Savino sold 34,725 shares of the stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $7.02, for a total transaction of $243,769.50. Following the transaction, the insider now owns 3,907,536 shares in the company, valued at $27,430,902.72. The disclosure for this sale can be found here. Insiders have sold 83,673 shares of company stock valued at $530,948 in the last ninety days. 24.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Altus Power

Institutional investors have recently bought and sold shares of the company. Edmond DE Rothschild Holding S.A. lifted its stake in shares of Altus Power by 1.0% during the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 310,000 shares of the company's stock worth $2,117,000 after buying an additional 3,000 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Altus Power by 7.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 50,933 shares of the company's stock worth $267,000 after buying an additional 3,571 shares during the period. AXQ Capital LP lifted its stake in shares of Altus Power by 25.5% during the third quarter. AXQ Capital LP now owns 21,078 shares of the company's stock worth $111,000 after buying an additional 4,278 shares during the period. Bouvel Investment Partners LLC lifted its stake in shares of Altus Power by 1.5% during the fourth quarter. Bouvel Investment Partners LLC now owns 297,378 shares of the company's stock worth $2,031,000 after buying an additional 4,495 shares during the period. Finally, ANTIPODES PARTNERS Ltd lifted its stake in shares of Altus Power by 18.0% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 30,082 shares of the company's stock worth $205,000 after buying an additional 4,579 shares during the period. 46.55% of the stock is currently owned by institutional investors and hedge funds.

About Altus Power

Altus Power, Inc, a clean electrification company, develops, owns, constructs, and operates roof, ground, and carport-based photovoltaic solar energy generation and storage systems. It serves commercial, industrial, public sector, and community solar customers. Altus Power, Inc was founded in 2013 and is headquartered in Stamford, Connecticut.