Altus Power, Inc. (NYSE:AMPS) Sees Large Increase in Short Interest

Altus Power, Inc. (NYSE:AMPS) was the recipient of a large increase in short interest during the month of July. As of July 15th, there was short interest totalling 7,790,000 shares, an increase of 6.4% from the June 30th total of 7,320,000 shares. Approximately 8.7% of the company’s stock are sold short. Based on an average trading volume of 1,090,000 shares, the days-to-cover ratio is currently 7.1 days.

Insiders Place Their Bets

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

Institutional Trading of Altus Power

Several large investors have recently made changes to their positions in the company. Summit Securities Group LLC acquired a new stake in Altus Power in the second quarter valued at about $39,000. Spinnaker Trust bought a new position in shares of Altus Power in the fourth quarter worth about $69,000. Victory Capital Management Inc. bought a new position in shares of Altus Power in the fourth quarter worth about $72,000. Tower Research Capital LLC TRC boosted its stake in shares of Altus Power by 805.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,193 shares of the company’s stock valued at $76,000 after purchasing an additional 9,957 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. bought a new stake in shares of Altus Power during the 1st quarter valued at approximately $88,000. Institutional investors and hedge funds own 46.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Seaport Res Ptn raised shares of Altus Power to a “strong-buy” rating in a research report on Monday, June 3rd. Evercore ISI lowered their price target on shares of Altus Power from $9.00 to $7.00 and set an “outperform” rating on the stock in a report on Wednesday, May 15th. Roth Mkm reduced their price objective on Altus Power from $7.00 to $5.00 and set a “buy” rating for the company in a report on Thursday, May 16th. Morgan Stanley reiterated an “overweight” rating and set a $9.00 target price on shares of Altus Power in a research note on Thursday, April 11th. Finally, B. Riley raised Altus Power to a “strong-buy” rating in a report on Tuesday, June 25th. 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’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $7.50.

Altus Power Price Performance

Shares of NYSE:AMPS traded down $0.05 during trading on Thursday, reaching $4.15. 519,528 shares of the company traded hands, compared to its average volume of 1,073,034. The firm has a market capitalization of $666.78 million, a PE ratio of -82.98 and a beta of 1.00. Altus Power has a 52 week low of $3.40 and a 52 week 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. The company’s 50 day moving average is $4.18 and its two-hundred day moving average is $4.83.

Altus Power (NYSE:AMPS) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). Altus Power had a negative net margin of 4.48% and a negative return on equity of 1.37%. The business had revenue of $40.66 million during the quarter, compared to analysts’ expectations of $39.13 million. During the same quarter in the prior year, the business posted ($0.05) earnings per share. As a group, sell-side analysts predict that Altus Power will post -0.07 earnings per share for the current year.

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.