Altus Power, Inc. (NYSE:AMPS) Short Interest Up 7.9% in October

Altus Power, Inc. (NYSE:AMPS - Get Free Report) was the target of a large increase in short interest in October. As of October 15th, there was short interest totalling 9,600,000 shares, an increase of 7.9% from the September 30th total of 8,900,000 shares. Based on an average trading volume of 1,010,000 shares, the days-to-cover ratio is currently 9.5 days. Currently, 10.5% of the company's shares are short sold.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in AMPS. Encompass Capital Advisors LLC raised its holdings in Altus Power by 1.2% in the 2nd quarter. Encompass Capital Advisors LLC now owns 4,628,613 shares of the company's stock worth $18,144,000 after acquiring an additional 53,031 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Altus Power by 37.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,974,269 shares of the company's stock valued at $11,662,000 after purchasing an additional 807,071 shares during the last quarter. Swedbank AB bought a new position in shares of Altus Power in the first quarter worth about $12,589,000. abrdn plc lifted its position in shares of Altus Power by 8.7% during the 3rd quarter. abrdn plc now owns 1,444,400 shares of the company's stock worth $4,593,000 after purchasing an additional 115,300 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ boosted its stake in Altus Power by 112.1% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 1,411,042 shares of the company's stock valued at $5,531,000 after purchasing an additional 745,810 shares during the period. 46.55% of the stock is owned by institutional investors.

Altus Power Stock Down 2.8 %

Shares of AMPS traded down $0.09 during mid-day trading on Friday, hitting $3.35. 718,506 shares of the company's stock were exchanged, compared to its average volume of 1,062,056. The stock has a market cap of $537.84 million, a price-to-earnings ratio of 23.89 and a beta of 0.96. The firm has a fifty day moving average of $3.26 and a two-hundred day moving average of $3.71. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 2.18. Altus Power has a twelve month low of $2.71 and a twelve month high of $7.28.

Altus Power (NYSE:AMPS - Get Free Report) last posted its earnings results on Thursday, August 8th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.03 by $0.13. Altus Power had a net margin of 13.55% and a return on equity of 2.52%. The firm had revenue of $52.46 million for the quarter, compared to the consensus estimate of $57.61 million. On average, sell-side analysts forecast that Altus Power will post 0.08 earnings per share for the current 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.