Citigroup Cuts Altus Power (NYSE:AMPS) Price Target to $5.50

Altus Power (NYSE:AMPS) had its price target cut by Citigroup from $7.00 to $5.50 in a report published on Tuesday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts also recently weighed in on the company. UBS Group reduced their target price on Altus Power from $5.50 to $5.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Morgan Stanley downgraded shares of Altus Power from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $8.00 to $4.00 in a report on Wednesday, August 21st. B. Riley raised shares of Altus Power to a “strong-buy” rating in a research note on Tuesday, June 25th. Maxim Group lowered their price objective on shares of Altus Power from $5.50 to $4.50 and set a “buy” rating for the company in a research note on Monday, August 12th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $4.50 target price on shares of Altus Power in a research report on Wednesday, October 16th. Two research analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $5.94.

Altus Power Trading Down 0.6 %

Altus Power stock opened at $3.40 on Tuesday. The stock has a 50-day moving average price of $3.20 and a 200 day moving average price of $3.75. Altus Power has a 52 week low of $2.71 and a 52 week high of $7.28. The stock has a market cap of $546.28 million, a PE ratio of -68.00 and a beta of 0.96. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 2.18.

Altus Power (NYSE:AMPS) last announced its earnings results on Thursday, August 8th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.13. The firm had revenue of $52.46 million for the quarter, compared to analyst estimates of $57.61 million. Altus Power had a net margin of 13.55% and a return on equity of 2.52%. Equities research analysts predict that Altus Power will post 0.08 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC grew its stake in shares of Altus Power by 135.9% in the third quarter. SG Americas Securities LLC now owns 30,146 shares of the company’s stock valued at $96,000 after buying an additional 17,368 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Altus Power by 14.8% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 297,713 shares of the company’s stock valued at $1,167,000 after purchasing an additional 38,272 shares during the period. Susquehanna Fundamental Investments LLC acquired a new position in shares of Altus Power during the second quarter worth $68,000. Long Focus Capital Management LLC boosted its stake in shares of Altus Power by 427.6% in 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 during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in Altus Power by 24.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,771 shares of the company’s stock valued at $125,000 after purchasing an additional 6,209 shares in the last quarter. 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.