Altus Power (NYSE:AMPS) Trading Down 4.4% on Analyst Downgrade

Altus Power, Inc. (NYSE:AMPS - Get Free Report) dropped 4.4% during mid-day trading on Tuesday after Citigroup lowered their price target on the stock from $7.00 to $5.50. Citigroup currently has a buy rating on the stock. Altus Power traded as low as $3.45 and last traded at $3.45. Approximately 132,688 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 1,067,509 shares. The stock had previously closed at $3.61.

A number of other brokerages also recently commented on AMPS. Morgan Stanley downgraded 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 report on Wednesday, August 21st. B. Riley upgraded shares of Altus Power to a "strong-buy" rating in a research note on Tuesday, June 25th. Maxim Group decreased their target price on Altus Power from $5.50 to $4.50 and set a "buy" rating on the stock in a report on Monday, August 12th. Roth Mkm reissued a "buy" rating and set a $4.50 target price on shares of Altus Power in a research note on Wednesday, October 16th. Finally, UBS Group cut their price target on Altus Power from $5.50 to $5.00 and set a "buy" rating for the company in a report on Friday, August 9th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $5.94.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Encompass Capital Advisors LLC raised its stake 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 last quarter. Dimensional Fund Advisors LP increased its holdings in Altus Power by 37.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,974,269 shares of the company's stock worth $11,662,000 after buying an additional 807,071 shares during the period. Swedbank AB purchased a new stake in shares of Altus Power in the 1st quarter valued at $12,589,000. Skandinaviska Enskilda Banken AB publ raised its holdings in shares of Altus Power by 112.1% during the second 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 during the last quarter. Finally, Long Focus Capital Management LLC grew its position in Altus Power by 427.6% during the 2nd quarter. Long Focus Capital Management LLC now owns 549,081 shares of the company's stock worth $2,152,000 after purchasing an additional 445,000 shares during the period. Institutional investors and hedge funds own 46.55% of the company's stock.

Altus Power Stock Performance

The stock has a market capitalization of $559.14 million, a price-to-earnings ratio of -69.80 and a beta of 0.96. The firm has a fifty day moving average of $3.17 and a 200 day moving average of $3.76. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.91 and a quick ratio of 0.91.

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, beating analysts' consensus estimates of $0.03 by $0.13. The firm had revenue of $52.46 million for the quarter, compared to analysts' expectations of $57.61 million. Altus Power had a return on equity of 2.52% and a net margin of 13.55%. On average, sell-side analysts anticipate that Altus Power, Inc. will post 0.08 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.