abrdn plc Buys 115,300 Shares of Altus Power, Inc. (NYSE:AMPS)

abrdn plc lifted its position in Altus Power, Inc. (NYSE:AMPS) by 8.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 1,444,400 shares of the company’s stock after purchasing an additional 115,300 shares during the period. abrdn plc owned about 0.90% of Altus Power worth $4,593,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Summit Securities Group LLC bought a new stake in Altus Power in the 2nd quarter worth $39,000. Vaughan David Investments LLC IL purchased a new stake in shares of Altus Power during the second quarter worth about $55,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Altus Power in the second quarter worth about $68,000. Jacobs Levy Equity Management Inc. purchased a new position in Altus Power during the 1st quarter valued at about $88,000. Finally, SG Americas Securities LLC raised its position in Altus Power by 135.9% during the 3rd quarter. SG Americas Securities LLC now owns 30,146 shares of the company’s stock valued at $96,000 after purchasing an additional 17,368 shares during the last quarter. 46.55% of the stock is owned by hedge funds and other institutional investors.

Altus Power Price Performance

Shares of NYSE AMPS opened at $3.34 on Monday. The company has a 50 day simple moving average of $3.26 and a two-hundred day simple moving average of $3.71. Altus Power, Inc. has a fifty-two week low of $2.71 and a fifty-two week high of $7.28. The company has a market capitalization of $537.04 million, a price-to-earnings ratio of 23.86 and a beta of 0.94. The company has a debt-to-equity ratio of 2.18, a quick ratio of 0.91 and a current ratio of 0.91.

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

Wall Street Analyst Weigh In

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

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.