Altus Power (NYSE:AMPS) Shares Gap Down – Here’s What Happened

Altus Power, Inc. (NYSE:AMPS)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $3.65, but opened at $3.30. Altus Power shares last traded at $3.24, with a volume of 142,819 shares trading hands.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on AMPS. Morgan Stanley lowered shares of Altus Power from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $8.00 to $4.00 in a research report on Wednesday, August 21st. Maxim Group cut their price objective on Altus Power from $5.50 to $4.50 and set a “buy” rating on the stock in a report on Monday, August 12th. UBS Group decreased their target price on Altus Power from $5.50 to $5.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Citigroup decreased their price objective on Altus Power from $7.00 to $5.50 and set a “buy” rating for the company in a research report on Tuesday, October 22nd. Finally, Roth Mkm reaffirmed a “buy” rating and set a $4.50 price objective on shares of Altus Power in a research report on Wednesday, October 16th. Two research analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $5.94.

Altus Power Price Performance

The stock has a market cap of $509.70 million, a price-to-earnings ratio of 21.86 and a beta of 0.94. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.91 and a quick ratio of 0.91. The stock’s 50 day simple moving average is $3.28 and its two-hundred day simple moving average is $3.71.

Altus Power (NYSE:AMPS) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.03 by $0.13. Altus Power had a return on equity of 2.52% and a net margin of 13.55%. The business had revenue of $52.46 million for the quarter, compared to analyst estimates of $57.61 million. On average, analysts forecast that Altus Power, Inc. will post 0.08 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Swedbank AB bought a new stake in Altus Power during the 1st quarter worth about $12,589,000. Long Focus Capital Management LLC boosted its holdings in shares of Altus Power by 427.6% during the second quarter. Long Focus Capital Management LLC now owns 549,081 shares of the company’s stock worth $2,152,000 after acquiring an additional 445,000 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Altus Power by 37.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,974,269 shares of the company’s stock worth $11,662,000 after purchasing an additional 807,071 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its holdings in Altus Power by 78.8% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 437,286 shares of the company’s stock valued at $1,714,000 after buying an additional 192,687 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ raised its stake in Altus Power by 112.1% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 1,411,042 shares of the company’s stock worth $5,531,000 after purchasing an additional 745,810 shares in the last quarter. Institutional investors and hedge funds own 46.55% of the company’s stock.

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.