Altus Power (NYSE:AMPS) Stock Price Up 11.8% – Here’s What Happened

Altus Power, Inc. (NYSE:AMPS) shares rose 11.8% on Monday . The company traded as high as $4.40 and last traded at $3.97. Approximately 2,036,637 shares traded hands during mid-day trading, an increase of 86% from the average daily volume of 1,093,010 shares. The stock had previously closed at $3.55.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Roth Mkm restated a “buy” rating and issued a $4.50 price objective on shares of Altus Power in a report on Wednesday, October 16th. Citigroup dropped their price objective on Altus Power from $7.00 to $5.50 and set a “buy” rating on the stock in a report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. downgraded Altus Power from a “neutral” rating to an “underweight” rating in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Altus Power presently has an average rating of “Moderate Buy” and an average target price of $5.21.

Altus Power Price Performance

The company has a debt-to-equity ratio of 2.10, a current ratio of 0.60 and a quick ratio of 0.60. The stock’s 50 day simple moving average is $3.73 and its two-hundred day simple moving average is $3.67. The stock has a market cap of $641.58 million, a price-to-earnings ratio of 18.14 and a beta of 1.04.

Institutional Investors Weigh In On Altus Power

Several institutional investors and hedge funds have recently made changes to their positions in the company. Franklin Resources Inc. raised its holdings in shares of Altus Power by 47.2% in the third quarter. Franklin Resources Inc. now owns 51,035 shares of the company’s stock valued at $161,000 after buying an additional 16,370 shares during the last quarter. Barclays PLC raised its holdings in shares of Altus Power by 312.8% in the third quarter. Barclays PLC now owns 115,987 shares of the company’s stock valued at $369,000 after buying an additional 87,886 shares during the last quarter. XTX Topco Ltd bought a new position in shares of Altus Power in the third quarter valued at about $425,000. State Street Corp raised its holdings in shares of Altus Power by 0.6% in the third quarter. State Street Corp now owns 3,682,864 shares of the company’s stock valued at $11,712,000 after buying an additional 21,312 shares during the last quarter. Finally, Janus Henderson Group PLC raised its holdings in shares of Altus Power by 9.0% in the third quarter. Janus Henderson Group PLC now owns 44,792 shares of the company’s stock valued at $142,000 after buying an additional 3,709 shares during the last quarter. Institutional investors and hedge funds own 46.55% of the company’s stock.

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.