Short Interest in Altus Power, Inc. (NYSE:AMPS) Decreases By 18.0%

Altus Power, Inc. (NYSE:AMPS) was the target of a large decline in short interest during the month of March. As of March 15th, there was short interest totalling 4,790,000 shares, a decline of 18.0% from the February 28th total of 5,840,000 shares. Approximately 4.5% of the company’s stock are sold short. Based on an average daily volume of 3,030,000 shares, the short-interest ratio is currently 1.6 days.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Roth Capital lowered shares of Altus Power from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 20th. Roth Mkm reiterated a “neutral” rating and set a $5.00 target price on shares of Altus Power in a research report on Friday, March 21st. JPMorgan Chase & Co. raised Altus Power from an “underweight” rating to a “neutral” rating and set a $5.00 target price for the company in a report on Thursday, February 6th. UBS Group downgraded Altus Power from a “buy” rating to a “neutral” rating and set a $5.00 price target on the stock. in a research note on Monday, February 10th. Finally, B. Riley cut Altus Power from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $6.00 to $5.00 in a research note on Friday, February 7th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $5.13.

Altus Power Stock Performance

AMPS traded down $0.01 on Wednesday, hitting $4.95. 3,149,809 shares of the company traded hands, compared to its average volume of 1,614,010. The company has a 50 day moving average of $4.68 and a 200-day moving average of $4.04. Altus Power has a 12-month low of $2.71 and a 12-month high of $5.50. The stock has a market capitalization of $794.08 million, a PE ratio of 22.50 and a beta of 0.98. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 2.10.

Altus Power (NYSE:AMPS) last issued its quarterly earnings results on Monday, March 17th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.28). The company had revenue of $44.47 million for the quarter, compared to analyst estimates of $46.64 million. Altus Power had a return on equity of 4.79% and a net margin of 19.18%. Sell-side analysts anticipate that Altus Power will post 0.14 earnings per share for the current year.

Insider Transactions at Altus Power

In related news, insider Anthony Savino sold 8,823 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $4.91, for a total value of $43,320.93. Following the completion of the transaction, the insider now directly owns 4,088,231 shares of the company’s stock, valued at $20,073,214.21. This represents a 0.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Gregg J. Felton sold 71,161 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $4.91, for a total transaction of $349,400.51. Following the sale, the chief executive officer now directly owns 4,023,696 shares in the company, valued at approximately $19,756,347.36. The trade was a 1.74 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 89,146 shares of company stock valued at $437,707. Insiders own 24.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Encompass Capital Advisors LLC increased its position in Altus Power by 20.0% during the 4th quarter. Encompass Capital Advisors LLC now owns 8,027,318 shares of the company’s stock worth $32,671,000 after purchasing an additional 1,336,044 shares during the period. Quinn Opportunity Partners LLC purchased a new stake in shares of Altus Power in the fourth quarter valued at approximately $1,887,000. Millennium Management LLC grew its holdings in Altus Power by 148.3% during the fourth quarter. Millennium Management LLC now owns 652,278 shares of the company’s stock worth $2,655,000 after acquiring an additional 389,605 shares during the period. Dimensional Fund Advisors LP raised its position in Altus Power by 7.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,648,599 shares of the company’s stock worth $14,850,000 after acquiring an additional 263,393 shares in the last quarter. Finally, XTX Topco Ltd acquired a new stake in Altus Power in the third quarter valued at $425,000. 46.55% of the stock is owned by hedge funds and other institutional investors.

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.