Altus Power (NYSE:AMPS) Stock Price Down 6% – Here’s What Happened

Altus Power, Inc. (NYSE:AMPS) shares were down 6% on Tuesday . The company traded as low as $3.57 and last traded at $3.58. Approximately 569,863 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 885,724 shares. The stock had previously closed at $3.81.

Analysts Set New Price Targets

AMPS has been the subject of several recent analyst reports. Roth Mkm reaffirmed a “buy” rating and issued a $4.50 target price on shares of Altus Power in a report on Wednesday, October 16th. Citigroup lowered their price objective 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. Finally, JPMorgan Chase & Co. cut Altus Power from a “neutral” rating to an “underweight” rating in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $5.21.

Altus Power Stock Up 11.6 %

The business has a 50-day moving average price of $3.99 and a 200 day moving average price of $3.65. The stock has a market capitalization of $593.83 million, a P/E ratio of 16.79 and a beta of 1.05. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 2.10.

Institutional Trading of Altus Power

Institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC lifted its stake in Altus Power by 19.6% in the fourth quarter. SG Americas Securities LLC now owns 36,058 shares of the company’s stock worth $147,000 after purchasing an additional 5,912 shares during the last quarter. Magnus Financial Group LLC purchased a new stake in shares of Altus Power in the fourth quarter worth approximately $333,000. Ballentine Partners LLC bought a new stake in shares of Altus Power during the 4th quarter worth approximately $112,000. Avanza Fonder AB purchased a new position in Altus Power during the 4th quarter valued at $213,000. Finally, Franklin Resources Inc. grew its position in Altus Power by 47.2% in the 3rd quarter. Franklin Resources Inc. now owns 51,035 shares of the company’s stock valued at $161,000 after acquiring an additional 16,370 shares during the last quarter. 46.55% of the stock is currently owned by institutional investors.

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.