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

Altus Power, Inc. (NYSE:AMPS) saw a large increase in short interest in the month of July. As of July 31st, there was short interest totalling 8,400,000 shares, an increase of 7.8% from the July 15th total of 7,790,000 shares. Based on an average daily volume of 1,040,000 shares, the days-to-cover ratio is currently 8.1 days. Currently, 9.2% of the company’s stock are short sold.

Insider Buying and Selling at Altus Power

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Encompass Capital Advisors LLC raised its position in Altus Power by 1.2% in the second quarter. Encompass Capital Advisors LLC now owns 4,628,613 shares of the company’s stock worth $18,144,000 after purchasing an additional 53,031 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Altus Power by 37.2% during the second quarter. Dimensional Fund Advisors LP now owns 2,974,269 shares of the company’s stock worth $11,662,000 after buying an additional 807,071 shares in the last quarter. Swedbank AB acquired a new stake in shares of Altus Power during the first quarter worth approximately $12,589,000. Skandinaviska Enskilda Banken AB publ increased its holdings in shares of Altus Power by 112.1% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 1,411,042 shares of the company’s stock worth $5,531,000 after buying an additional 745,810 shares in the last quarter. Finally, Handelsbanken Fonder AB acquired a new stake in shares of Altus Power during the fourth quarter worth approximately $5,298,000. Institutional investors and hedge funds own 46.55% of the company’s stock.

Altus Power Stock Performance

Shares of NYSE AMPS traded up $0.23 during mid-day trading on Monday, hitting $3.22. The company had a trading volume of 1,465,399 shares, compared to its average volume of 1,082,184. Altus Power has a 12 month low of $2.82 and a 12 month high of $7.28. The company has a debt-to-equity ratio of 2.47, a current ratio of 1.48 and a quick ratio of 1.48. The firm has a market cap of $516.56 million, a P/E ratio of -63.20 and a beta of 1.00. The business’s 50-day simple moving average is $4.00 and its 200-day simple moving average is $4.64.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. B. Riley raised shares of Altus Power to a “strong-buy” rating in a research note on Tuesday, June 25th. Maxim Group dropped their price target on shares of Altus Power from $5.50 to $4.50 and set a “buy” rating on the stock in a research note on Monday, August 12th. Seaport Res Ptn upgraded shares of Altus Power to a “strong-buy” rating in a report on Monday, June 3rd. Roth Mkm decreased their price objective on shares of Altus Power from $5.00 to $4.50 and set a “buy” rating for the company in a report on Friday, August 9th. Finally, UBS Group decreased their price objective on shares of Altus Power from $5.50 to $5.00 and set a “buy” rating for the company in a report on Friday, August 9th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $6.63.

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.