Altus Power (NYSE:AMPS) Stock Price Down 6.6% - Here's Why

Altus Power, Inc. (NYSE:AMPS - Get Free Report)'s share price fell 6.6% during mid-day trading on Tuesday . The stock traded as low as $3.51 and last traded at $3.52. 557,030 shares traded hands during mid-day trading, a decline of 48% from the average session volume of 1,066,061 shares. The stock had previously closed at $3.77.

Analyst Ratings Changes

A number of equities research analysts have recently commented on AMPS shares. UBS Group cut their price objective 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. Morgan Stanley downgraded Altus Power from an "overweight" rating to an "equal weight" rating and reduced their target price for the company from $8.00 to $4.00 in a report on Wednesday, August 21st. Roth Mkm reiterated 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 target on Altus Power from $7.00 to $5.50 and set a "buy" rating on the stock in a report on Tuesday, October 22nd. Finally, 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. Two investment 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. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $5.94.

Altus Power Price Performance

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 moving average price is $3.23 and its two-hundred day moving average price is $3.72. The firm has a market capitalization of $575.21 million, a price-to-earnings ratio of -71.60 and a beta of 0.96.

Altus Power (NYSE:AMPS - Get Free Report) last released its earnings results on Thursday, August 8th. The company reported $0.16 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $57.61 million. On average, equities research analysts anticipate that Altus Power, Inc. will post 0.08 EPS for the current year.

Institutional Trading of Altus Power

Several hedge funds have recently added to or reduced their stakes in AMPS. Summit Securities Group LLC bought a new position in Altus Power in the 2nd quarter worth approximately $39,000. Iridian Asset Management LLC CT bought a new position in Altus Power during the third quarter valued at about $40,000. Vaughan David Investments LLC IL acquired a new position in Altus Power in the 2nd quarter valued at approximately $55,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Altus Power in the 2nd quarter worth approximately $68,000. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in shares of Altus Power during the 1st quarter worth approximately $88,000. Institutional investors 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.