Altus Power (NYSE:AMPS) Downgraded to “Neutral” Rating by B. Riley

B. Riley cut shares of Altus Power (NYSE:AMPS) from a buy rating to a neutral rating in a research note released on Friday morning, MarketBeat Ratings reports. The brokerage currently has $5.00 target price on the stock, down from their previous target price of $6.00.

Several other research analysts have also commented on the company. Roth Mkm reissued a “buy” rating and set a $4.50 price objective on shares of Altus Power in a report on Wednesday, October 16th. Citigroup cut their price target on shares of Altus Power from $7.00 to $5.50 and set a “buy” rating for the company in a research note on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. upgraded shares of Altus Power from an “underweight” rating to a “neutral” rating and set a $5.00 price objective on the stock in a research report on Thursday. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $5.06.

Altus Power Price Performance

Altus Power stock opened at $4.87 on Friday. The stock has a market cap of $782.29 million, a price-to-earnings ratio of 22.11 and a beta of 1.05. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 2.10. The business has a 50-day simple moving average of $3.98 and a 200 day simple moving average of $3.64. Altus Power has a 52 week low of $2.71 and a 52 week high of $7.28.

Institutional Investors Weigh In On Altus Power

A number of institutional investors have recently made changes to their positions in AMPS. State Street Corp lifted its stake in Altus Power by 0.6% in the third quarter. State Street Corp now owns 3,682,864 shares of the company’s stock worth $11,712,000 after purchasing an additional 21,312 shares during the last quarter. abrdn plc increased its holdings in shares of Altus Power by 7.3% in the fourth quarter. abrdn plc now owns 1,550,200 shares of the company’s stock worth $6,418,000 after buying an additional 105,800 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Altus Power by 4.9% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 312,205 shares of the company’s stock valued at $993,000 after acquiring an additional 14,492 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Altus Power by 48.1% during the 4th quarter. Bank of New York Mellon Corp now owns 267,220 shares of the company’s stock valued at $1,088,000 after acquiring an additional 86,797 shares during the period. Finally, XTX Topco Ltd bought a new position in Altus Power during the 3rd quarter worth approximately $425,000. Hedge funds and other institutional investors own 46.55% of the company’s stock.

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.