Altus Power (NYSE:AMPS) Stock Price Down 8.5% – What’s Next?

Shares of Altus Power, Inc. (NYSE:AMPS) dropped 8.5% during mid-day trading on Tuesday . The stock traded as low as $3.12 and last traded at $3.13. Approximately 570,528 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 1,070,085 shares. The stock had previously closed at $3.42.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Citigroup cut 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. Maxim Group cut their target price on shares of Altus Power from $5.50 to $4.50 and set a “buy” rating on the stock in a research note on Monday, August 12th. Roth Mkm reaffirmed a “buy” rating and issued a $4.50 price target on shares of Altus Power in a research note on Wednesday, October 16th. UBS Group cut 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. Finally, 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 research note on Wednesday, August 21st. Two analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Altus Power presently has an average rating of “Buy” and an average price target of $5.94.

Altus Power Stock Performance

The firm has a market cap of $659.24 million, a P/E ratio of 17.95 and a beta of 0.94. The business’s fifty day simple moving average is $3.31 and its 200-day simple moving average is $3.70. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 2.18.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Altus Power by 15.2% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 259,441 shares of the company’s stock valued at $1,240,000 after buying an additional 34,244 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Altus Power by 7.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 44,257 shares of the company’s stock worth $212,000 after buying an additional 3,116 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in Altus Power by 196.6% in the first quarter. Janus Henderson Group PLC now owns 68,309 shares of the company’s stock worth $326,000 after buying an additional 45,276 shares during the period. Jacobs Levy Equity Management Inc. bought a new stake in Altus Power during the first quarter worth about $88,000. Finally, Levin Capital Strategies L.P. purchased a new stake in Altus Power in the first quarter worth about $143,000. Hedge funds and other institutional investors own 46.55% of the company’s stock.

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.