Altus Power (NYSE:AMPS) Shares Gap Up Following Better-Than-Expected Earnings

Altus Power, Inc. (NYSE:AMPS) shares gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $3.11, but opened at $3.64. Altus Power shares last traded at $3.52, with a volume of 570,416 shares changing hands.

The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.08. The firm had revenue of $58.68 million for the quarter, compared to analyst estimates of $58.24 million. Altus Power had a net margin of 13.55% and a return on equity of 2.52%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on AMPS shares. Citigroup reduced 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. 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 report on Friday, August 9th. Morgan Stanley lowered shares of Altus Power from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $8.00 to $4.00 in a report on Wednesday, August 21st. Roth Mkm reiterated a “buy” rating and set a $4.50 price target on shares of Altus Power in a research note on Wednesday, October 16th. Finally, Maxim Group cut their price target 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. 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 stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $5.94.

Institutional Investors Weigh In On Altus Power

Several large investors have recently modified their holdings of AMPS. Intech Investment Management LLC acquired a new stake in shares of Altus Power during the third quarter worth $86,000. GSA Capital Partners LLP acquired a new stake in shares of Altus Power during the third quarter worth $286,000. HTG Investment Advisors Inc. lifted its holdings in shares of Altus Power by 8.6% during the third quarter. HTG Investment Advisors Inc. now owns 65,148 shares of the company’s stock worth $207,000 after purchasing an additional 5,148 shares during the period. Iridian Asset Management LLC CT acquired a new stake in shares of Altus Power during the third quarter worth $40,000. Finally, abrdn plc lifted its holdings in shares of Altus Power by 8.7% during the third quarter. abrdn plc now owns 1,444,400 shares of the company’s stock worth $4,593,000 after purchasing an additional 115,300 shares during the period. 46.55% of the stock is owned by institutional investors and hedge funds.

Altus Power Price Performance

The company has a 50-day simple moving average of $3.30 and a 200-day simple moving average of $3.69. The stock has a market cap of $562.77 million, a PE ratio of 25.00 and a beta of 0.94. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.91 and a quick ratio of 0.91.

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.