Altus Power (NYSE:AMPS) Shares Gap Down – Time to Sell?

Altus Power, Inc. (NYSE:AMPS) gapped down before the market opened on Wednesday . The stock had previously closed at $3.65, but opened at $3.30. Altus Power shares last traded at $3.24, with a volume of 142,819 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on AMPS shares. Maxim Group dropped their price target 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. Citigroup dropped their price target on Altus Power from $7.00 to $5.50 and set a “buy” rating on the stock in a research note on Tuesday, October 22nd. UBS Group cut their target price on shares of Altus Power from $5.50 to $5.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Morgan Stanley downgraded Altus Power from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $8.00 to $4.00 in a research note on Wednesday, August 21st. Finally, Roth Mkm reiterated a “buy” rating and set a $4.50 price objective on shares of Altus Power in a report on Wednesday, October 16th. Two equities research 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’s stock. Based on data from MarketBeat, Altus Power currently has an average rating of “Buy” and an average price target of $5.94.

Altus Power Stock Performance

The company has a debt-to-equity ratio of 2.18, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market capitalization of $509.70 million, a P/E ratio of 21.86 and a beta of 0.94. The business has a 50 day moving average of $3.28 and a 200-day moving average of $3.71.

Altus Power (NYSE:AMPS) last posted its earnings results on Thursday, August 8th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.13. The business 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%. On average, sell-side analysts predict that Altus Power, Inc. will post 0.08 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Summit Securities Group LLC purchased a new stake in shares of Altus Power during the second quarter valued at approximately $39,000. Iridian Asset Management LLC CT purchased a new stake in Altus Power during the 3rd quarter valued at $40,000. Vaughan David Investments LLC IL bought a new stake in Altus Power in the 2nd quarter worth $55,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of Altus Power in the second quarter valued at about $68,000. Finally, Jacobs Levy Equity Management Inc. bought a new position in Altus Power during the 1st quarter valued at approximately $88,000. 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.