Altus Power (NYSE:AMPS) Shares Gap Up Following Insider Buying Activity

Altus Power, Inc. (NYSE:AMPS – Get Rating)’s stock price gapped up prior to trading on Tuesday following insider buying activity. The stock had previously closed at $4.71, but opened at $4.87. Altus Power shares last traded at $4.94, with a volume of 183,827 shares traded.

Specifically, CEO Gregg J. Felton acquired 50,000 shares of the company’s stock in a transaction on Friday, May 19th. The shares were purchased at an average price of $4.43 per share, for a total transaction of $221,500.00. Following the completion of the purchase, the chief executive officer now directly owns 11,834,603 shares of the company’s stock, valued at $52,427,291.29. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CEO Gregg J. Felton bought 25,000 shares of the business’s stock in a transaction on Monday, May 22nd. The shares were purchased at an average cost of $4.41 per share, with a total value of $110,250.00. Following the acquisition, the chief executive officer now owns 11,859,603 shares of the company’s stock, valued at $52,300,849.23. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CEO Gregg J. Felton acquired 50,000 shares of the stock in a transaction dated Friday, May 19th. The stock was acquired at an average cost of $4.43 per share, with a total value of $221,500.00. Following the completion of the transaction, the chief executive officer now owns 11,834,603 shares in the company, valued at approximately $52,427,291.29. The disclosure for this purchase can be found here. Insiders own 31.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. B. Riley reiterated a “buy” rating and set a $14.00 price target on shares of Altus Power in a research note on Friday, March 31st. Morgan Stanley lowered their target price on shares of Altus Power from $12.00 to $9.00 and set an “overweight” rating on the stock in a report on Monday, April 3rd. Evercore ISI lowered their target price on shares of Altus Power from $12.00 to $10.00 in a report on Tuesday, May 16th. Finally, Citigroup decreased their price target on shares of Altus Power from $10.00 to $7.00 and set a “buy” rating on the stock in a report on Tuesday, April 4th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Altus Power has a consensus rating of “Buy” and an average price target of $10.67.

Altus Power Trading Up 3.6 %

The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.79. The firm’s 50-day simple moving average is $4.94 and its 200-day simple moving average is $6.40. The firm has a market capitalization of $780.80 million, a PE ratio of -243.88 and a beta of 0.58.

Altus Power (NYSE:AMPS – Get Rating) last posted its earnings results on Thursday, March 30th. The company reported ($0.03) earnings per share for the quarter. Altus Power had a negative return on equity of 0.86% and a net margin of 0.57%. The firm had revenue of $26.76 million for the quarter, compared to analysts’ expectations of $28.03 million. Equities analysts expect that Altus Power, Inc. will post 0.03 earnings per share for the current year.

Hedge Funds Weigh In On Altus Power

A number of institutional investors have recently bought and sold shares of the stock. Toroso Investments LLC bought a new position in Altus Power in the first quarter worth about $65,000. Ameriprise Financial Inc. increased its stake in shares of Altus Power by 62.7% during the first quarter. Ameriprise Financial Inc. now owns 72,200 shares of the company’s stock valued at $396,000 after purchasing an additional 27,816 shares in the last quarter. New York State Common Retirement Fund increased its stake in shares of Altus Power by 23.4% during the first quarter. New York State Common Retirement Fund now owns 36,884 shares of the company’s stock valued at $202,000 after purchasing an additional 7,000 shares in the last quarter. State Street Corp increased its stake in shares of Altus Power by 26.8% during the first quarter. State Street Corp now owns 3,698,735 shares of the company’s stock valued at $20,269,000 after purchasing an additional 780,823 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Altus Power by 71.2% during the first quarter. Geode Capital Management LLC now owns 1,180,427 shares of the company’s stock valued at $6,469,000 after acquiring an additional 490,886 shares in the last quarter. 43.73% of the stock is owned by institutional investors.

Altus Power Company Profile

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Altus Power, Inc, a clean electrification company, originates, develops, owns, and operates roof, ground, and carport-based photovoltaic solar energy generation and storage systems. The company serves commercial, industrial, public sector, and community solar customers. Altus Power, Inc was founded in 2013 and is based in Stamford, Connecticut.