JPMorgan Chase & Co. Downgrades Altus Power (NYSE:AMPS) to Underweight

JPMorgan Chase & Co. cut shares of Altus Power (NYSE:AMPS) from a neutral rating to an underweight rating in a research note issued to investors on Thursday morning, MarketBeat.com reports.

Several other brokerages have also recently issued reports on AMPS. Morgan Stanley cut Altus Power from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $8.00 to $4.00 in a research report on Wednesday, August 21st. Citigroup dropped their price objective on shares of Altus Power from $7.00 to $5.50 and set a “buy” rating on the stock in a report on Tuesday, October 22nd. Finally, Roth Mkm reaffirmed a “buy” rating and set a $4.50 target price on shares of Altus Power in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five 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 “Moderate Buy” and an average target price of $5.21.

Altus Power Stock Performance

Shares of AMPS opened at $3.80 on Thursday. The firm has a market capitalization of $611.02 million, a P/E ratio of 17.27 and a beta of 1.04. The company has a debt-to-equity ratio of 2.10, a current ratio of 0.60 and a quick ratio of 0.60. Altus Power has a one year low of $2.71 and a one year high of $7.28. The business has a fifty day moving average of $3.66 and a 200 day moving average of $3.68.

Institutional Investors Weigh In On Altus Power

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Long Focus Capital Management LLC lifted its holdings in Altus Power by 427.6% during the second quarter. Long Focus Capital Management LLC now owns 549,081 shares of the company’s stock valued at $2,152,000 after purchasing an additional 445,000 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Altus Power by 798.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 73,508 shares of the company’s stock valued at $234,000 after buying an additional 65,327 shares in the last quarter. Dimensional Fund Advisors LP boosted 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. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its stake 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 worth $1,714,000 after buying an additional 192,687 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ raised its holdings in 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 valued at $5,531,000 after acquiring an additional 745,810 shares during the period. 46.55% of the stock is owned by hedge funds and other institutional investors.

Altus Power Company Profile

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.