Short Interest in Altus Power, Inc. (NYSE:AMPS) Rises By 15.7%

Altus Power, Inc. (NYSE:AMPS) was the target of a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 7,570,000 shares, an increase of 15.7% from the May 31st total of 6,540,000 shares. Approximately 8.5% of the company’s stock are sold short. Based on an average daily trading volume, of 1,150,000 shares, the short-interest ratio is presently 6.6 days.

Insider Transactions at Altus Power

In other Altus Power news, CEO Gregg J. Felton bought 82,576 shares of the company’s stock in a transaction dated Friday, May 31st. The shares were bought at an average price of $3.90 per share, for a total transaction of $322,046.40. Following the acquisition, the chief executive officer now directly owns 11,977,179 shares of the company’s stock, valued at $46,710,998.10. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Gregg J. Felton bought 82,576 shares of the firm’s stock in a transaction on Friday, May 31st. The stock was bought at an average price of $3.90 per share, with a total value of $322,046.40. Following the purchase, the chief executive officer now directly owns 11,977,179 shares of the company’s stock, valued at approximately $46,710,998.10. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Gregg J. Felton purchased 34,139 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was bought at an average cost of $3.99 per share, for a total transaction of $136,214.61. Following the completion of the purchase, the chief executive officer now directly owns 12,044,603 shares of the company’s stock, valued at approximately $48,057,965.97. The disclosure for this purchase can be found here. 24.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Altus Power

A number of institutional investors and hedge funds have recently bought and sold shares of AMPS. Spinnaker Trust bought a new stake in shares of Altus Power in the 4th quarter worth approximately $69,000. Victory Capital Management Inc. bought a new position in Altus Power in the fourth quarter worth $72,000. Tower Research Capital LLC TRC boosted its stake in Altus Power by 805.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 11,193 shares of the company’s stock worth $76,000 after buying an additional 9,957 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in Altus Power in the 1st quarter valued at $88,000. Finally, AXQ Capital LP raised its stake in shares of Altus Power by 25.5% in the 3rd quarter. AXQ Capital LP now owns 21,078 shares of the company’s stock valued at $111,000 after buying an additional 4,278 shares in the last quarter. Institutional investors own 46.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on AMPS. Seaport Res Ptn raised Altus Power to a “strong-buy” rating in a research note on Monday, June 3rd. Morgan Stanley restated an “overweight” rating and set a $9.00 price target on shares of Altus Power in a research note on Thursday, April 11th. B. Riley raised shares of Altus Power to a “strong-buy” rating in a research note on Tuesday, June 25th. JPMorgan Chase & Co. downgraded shares of Altus Power from an “overweight” rating to a “neutral” rating in a research report on Wednesday, May 15th. Finally, Maxim Group initiated coverage on Altus Power in a research report on Wednesday, April 10th. They issued a “buy” rating and a $7.00 price target for the company. One analyst has rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $7.50.

Altus Power Stock Up 0.8 %

Shares of NYSE:AMPS opened at $3.76 on Wednesday. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 2.47. The stock’s 50-day moving average is $4.10 and its 200-day moving average is $5.16. Altus Power has a 52-week low of $3.40 and a 52-week high of $7.28.

Altus Power (NYSE:AMPS) last released its earnings results on Thursday, May 9th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.08). Altus Power had a negative return on equity of 1.37% and a negative net margin of 4.48%. The firm had revenue of $40.66 million for the quarter, compared to analyst estimates of $39.13 million. During the same quarter last year, the firm posted ($0.05) EPS. On average, sell-side analysts forecast that Altus Power will post -0.07 earnings per share for the current fiscal year.

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.