Altus Power (NYSE:AMPS) Shares Gap Down – Here’s What Happened

Altus Power, Inc. (NYSE:AMPS)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $3.59, but opened at $3.49. Altus Power shares last traded at $3.47, with a volume of 90,805 shares changing hands.

Wall Street Analyst Weigh In

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

Altus Power Stock Performance

The business has a 50-day simple moving average of $4.01 and a 200 day simple moving average of $3.66. 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 firm has a market cap of $558.78 million, a PE ratio of 15.80 and a beta of 1.05.

Institutional Investors Weigh In On Altus Power

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its position in shares of Altus Power by 37.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,974,269 shares of the company’s stock valued at $11,662,000 after acquiring an additional 807,071 shares in the last quarter. Long Focus Capital Management LLC grew its stake in Altus Power by 427.6% during the second quarter. Long Focus Capital Management LLC now owns 549,081 shares of the company’s stock valued at $2,152,000 after acquiring an additional 445,000 shares in the last quarter. XTX Topco Ltd bought a new stake in Altus Power in the 3rd quarter valued at $425,000. abrdn plc increased its holdings in Altus Power by 8.7% in the 3rd quarter. abrdn plc now owns 1,444,400 shares of the company’s stock valued at $4,593,000 after acquiring an additional 115,300 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in Altus Power in the 3rd quarter worth $286,000. Institutional investors 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.