Short Interest in Altus Power, Inc. (NYSE:AMPS) Increases By 15.7%

Altus Power, Inc. (NYSE:AMPS) was the recipient of a large growth in short interest during the month of June. As of June 15th, there was short interest totalling 7,570,000 shares, a growth of 15.7% from the May 31st total of 6,540,000 shares. Currently, 8.5% of the company’s shares are short sold. Based on an average trading volume of 1,150,000 shares, the days-to-cover ratio is presently 6.6 days.

Altus Power Stock Up 0.8 %

Shares of NYSE:AMPS opened at $3.76 on Wednesday. The stock’s 50 day moving average is $4.10 and its 200-day moving average is $5.16. Altus Power has a twelve month low of $3.40 and a twelve month high of $7.28. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 2.47.

Altus Power (NYSE:AMPS) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.08). Altus Power had a negative net margin of 4.48% and a negative return on equity of 1.37%. The firm had revenue of $40.66 million during the quarter, compared to analysts’ expectations of $39.13 million. During the same period last year, the company earned ($0.05) earnings per share. As a group, equities research analysts predict that Altus Power will post -0.07 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Evercore ISI cut their price target on shares of Altus Power from $9.00 to $7.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 15th. JPMorgan Chase & Co. lowered Altus Power from an “overweight” rating to a “neutral” rating in a research report on Wednesday, May 15th. B. Riley upgraded Altus Power to a “strong-buy” rating in a report on Tuesday, June 25th. Morgan Stanley restated an “overweight” rating and set a $9.00 price target on shares of Altus Power in a report on Thursday, April 11th. Finally, Seaport Res Ptn upgraded shares of Altus Power to a “strong-buy” rating in a research note on Monday, June 3rd. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Altus Power has a consensus rating of “Buy” and a consensus price target of $7.50.

Insiders Place Their Bets

In related news, CEO Gregg J. Felton acquired 34,139 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was acquired at an average cost of $3.99 per share, for a total transaction of $136,214.61. Following the completion of the acquisition, the chief executive officer now directly owns 12,044,603 shares of the company’s stock, valued at approximately $48,057,965.97. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Gregg J. Felton purchased 82,576 shares of the company’s stock in a transaction dated Friday, May 31st. The shares were purchased at an average price of $3.90 per share, for a total transaction of $322,046.40. Following the transaction, the chief executive officer now owns 11,977,179 shares of the company’s stock, valued at $46,710,998.10. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Gregg J. Felton acquired 34,139 shares of Altus Power stock in a transaction dated Friday, June 7th. The stock was purchased at an average cost of $3.99 per share, for a total transaction of $136,214.61. Following the completion of the purchase, the chief executive officer now owns 12,044,603 shares in the company, valued at approximately $48,057,965.97. The disclosure for this purchase can be found here. Insiders own 24.30% of the company’s stock.

Institutional Trading of Altus Power

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AMPS. DekaBank Deutsche Girozentrale bought a new stake in Altus Power in the 4th quarter worth about $3,671,000. Vanguard Group Inc. boosted its stake in shares of Altus Power by 12.8% in the 3rd quarter. Vanguard Group Inc. now owns 3,871,155 shares of the company’s stock worth $20,324,000 after buying an additional 438,845 shares during the last quarter. Victory Capital Management Inc. purchased a new stake in shares of Altus Power during the fourth quarter valued at approximately $72,000. Olympiad Research LP lifted its holdings in Altus Power by 8.2% during the fourth quarter. Olympiad Research LP now owns 62,704 shares of the company’s stock worth $428,000 after acquiring an additional 4,726 shares during the period. Finally, Trexquant Investment LP purchased a new position in Altus Power in the fourth quarter worth $397,000. 46.55% of the stock is owned by institutional investors.

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.