Altus Power (NYSE:AMPS) Stock Price Down 5.6%

Shares of Altus Power, Inc. (NYSE:AMPS) were down 5.6% during trading on Tuesday . The stock traded as low as $3.73 and last traded at $3.73. Approximately 862,673 shares changed hands during trading, a decline of 19% from the average daily volume of 1,063,645 shares. The stock had previously closed at $3.95.

Analyst Ratings Changes

Several brokerages have recently issued reports on AMPS. Morgan Stanley reiterated an “overweight” rating and issued a $9.00 target price on shares of Altus Power in a research report on Thursday, April 11th. B. Riley lifted their price target on shares of Altus Power from $8.00 to $10.00 and gave the company a “buy” rating in a research report on Monday, February 5th. Maxim Group began coverage on shares of Altus Power in a report on Wednesday, April 10th. They issued a “buy” rating and a $7.00 price objective for the company. Finally, Roth Mkm dropped their price objective on shares of Altus Power from $8.00 to $7.00 and set a “buy” rating for the company in a report on Friday, March 15th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average target price of $8.63.

Altus Power Stock Performance

The stock’s 50 day moving average is $5.64 and its 200 day moving average is $5.58. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 2.33.

Altus Power (NYSE:AMPS) last announced its quarterly earnings results on Thursday, March 14th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). The business had revenue of $34.19 million for the quarter, compared to analyst estimates of $42.85 million. Altus Power had a negative net margin of 6.03% and a negative return on equity of 0.30%. As a group, equities research analysts expect that Altus Power, Inc. will post -0.1 earnings per share for the current year.

Insider Buying and Selling at Altus Power

In other news, CEO Lars Norell sold 40,000 shares of the business’s stock in a transaction 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Altus Power news, insider Anthony Savino sold 34,725 shares of the business’s stock in a transaction 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 completion of the sale, the insider now owns 3,907,536 shares in the company, valued at $27,430,902.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Lars Norell sold 40,000 shares of the business’s stock in a transaction 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 approximately $120,834,381.06. The disclosure for this sale can be found here. Insiders have sold a total of 83,673 shares of company stock valued at $530,948 over the last ninety days. Corporate insiders own 31.55% of the company’s stock.

Hedge Funds Weigh In On Altus Power

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its holdings in shares of Altus Power by 13.1% during the second quarter. BlackRock Inc. now owns 6,159,872 shares of the company’s stock valued at $33,263,000 after acquiring an additional 712,807 shares during the period. Vanguard Group Inc. lifted its holdings in Altus Power by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 3,934,964 shares of the company’s stock worth $26,876,000 after purchasing an additional 63,809 shares during the period. State Street Corp lifted its holdings in Altus Power by 26.8% in the first quarter. State Street Corp now owns 3,698,735 shares of the company’s stock worth $20,269,000 after purchasing an additional 780,823 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Altus Power by 360.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,529,144 shares of the company’s stock worth $10,445,000 after purchasing an additional 1,196,891 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Altus Power by 71.2% in the first quarter. Geode Capital Management LLC now owns 1,180,427 shares of the company’s stock worth $6,469,000 after purchasing an additional 490,886 shares during the period. Institutional investors and hedge funds own 46.55% of the company’s stock.

Altus Power Company Profile

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.