Altus Power (NYSE:AMPS) Shares Gap Up – What’s Next?

Altus Power, Inc. (NYSE:AMPS) gapped up prior to trading on Thursday . The stock had previously closed at $3.83, but opened at $4.92. Altus Power shares last traded at $4.91, with a volume of 17,085,024 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on AMPS shares. Citigroup reduced their price target on Altus Power from $7.00 to $5.50 and set a “buy” rating on the stock in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. raised shares of Altus Power from an “underweight” rating to a “neutral” rating and set a $5.00 target price on the stock in a research note on Thursday. Seaport Res Ptn cut shares of Altus Power from a “strong-buy” rating to a “hold” rating in a research report on Thursday. Roth Mkm restated a “buy” rating and issued a $4.50 price objective on shares of Altus Power in a research report on Wednesday, October 16th. Finally, B. Riley lowered shares of Altus Power from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $6.00 to $5.00 in a report on Friday. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $5.06.

Altus Power Price Performance

The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 2.10. The business’s 50 day moving average price is $3.98 and its two-hundred day moving average price is $3.64. The stock has a market cap of $782.29 million, a P/E ratio of 22.11 and a beta of 1.05.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. US Bancorp DE lifted its stake in shares of Altus Power by 11,326.2% in the 4th quarter. US Bancorp DE now owns 9,598 shares of the company’s stock valued at $39,000 after purchasing an additional 9,514 shares during the period. Citizens Financial Group Inc. RI bought a new stake in shares of Altus Power during the 4th quarter valued at $41,000. Iridian Asset Management LLC CT purchased a new position in Altus Power during the 3rd quarter valued at about $40,000. HighTower Advisors LLC purchased a new position in shares of Altus Power during the third quarter valued at approximately $41,000. Finally, Intech Investment Management LLC purchased a new stake in Altus Power during the 3rd quarter valued at about $86,000. 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.