Altus Power, Inc. to Post Q2 2024 Earnings of $0.04 Per Share, Seaport Res Ptn Forecasts (NYSE:AMPS)

Altus Power, Inc. (NYSE:AMPSFree Report) – Analysts at Seaport Res Ptn issued their Q2 2024 earnings estimates for shares of Altus Power in a research report issued on Monday, June 3rd. Seaport Res Ptn analyst J. Campbell expects that the company will post earnings of $0.04 per share for the quarter. Seaport Res Ptn has a “Strong-Buy” rating on the stock. The consensus estimate for Altus Power’s current full-year earnings is $0.13 per share. Seaport Res Ptn also issued estimates for Altus Power’s Q3 2024 earnings at $0.04 EPS, Q4 2024 earnings at $0.04 EPS, FY2024 earnings at $0.04 EPS, Q1 2025 earnings at $0.04 EPS, Q2 2025 earnings at $0.04 EPS, Q3 2025 earnings at $0.04 EPS, Q4 2025 earnings at $0.04 EPS, FY2025 earnings at $0.04 EPS, Q1 2026 earnings at $0.04 EPS and FY2026 earnings at $0.04 EPS.

Several other equities research analysts have also recently commented on the company. Evercore ISI decreased their target price on Altus Power from $9.00 to $7.00 and set an “outperform” rating for the company in a research note on Wednesday, May 15th. JPMorgan Chase & Co. cut shares of Altus Power from an “overweight” rating to a “neutral” rating in a report on Wednesday, May 15th. Maxim Group began coverage on shares of Altus Power in a research report on Wednesday, April 10th. They set a “buy” rating and a $7.00 price objective on the stock. Morgan Stanley reaffirmed an “overweight” rating and issued a $9.00 target price on shares of Altus Power in a research report on Thursday, April 11th. Finally, Roth Mkm cut their price target on Altus Power from $7.00 to $5.00 and set a “buy” rating on the stock in a report on Thursday, May 16th. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $7.50.

Check Out Our Latest Analysis on Altus Power

Altus Power Price Performance

Shares of NYSE AMPS opened at $4.06 on Wednesday. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 2.47. The firm has a fifty day simple moving average of $4.17 and a 200 day simple moving average of $5.32. Altus Power has a twelve month low of $3.40 and a twelve month high of $7.28. The company has a market capitalization of $652.33 million, a PE ratio of -81.20 and a beta of 1.01.

Altus Power (NYSE:AMPSGet Free Report) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate of ($0.08). Altus Power had a negative return on equity of 1.37% and a negative net margin of 4.48%. The company had revenue of $40.66 million during the quarter, compared to analysts’ expectations of $39.13 million. During the same quarter in the prior year, the firm posted ($0.05) earnings per share.

Insider Buying and Selling at Altus Power

In related news, CEO Gregg J. Felton acquired 82,576 shares of the stock in a transaction dated Friday, May 31st. The stock was purchased at an average cost of $3.90 per share, with a total value of $322,046.40. Following the completion of the purchase, the chief executive officer now directly owns 11,977,179 shares in the company, valued at approximately $46,710,998.10. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CEO Gregg J. Felton purchased 12,500 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The shares were bought at an average cost of $4.78 per share, with a total value of $59,750.00. Following the completion of the transaction, the chief executive officer now directly owns 11,894,603 shares of the company’s stock, valued at $56,856,202.34. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gregg J. Felton purchased 82,576 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The shares were purchased at an average price of $3.90 per share, for a total transaction of $322,046.40. Following the completion of the acquisition, the chief executive officer now 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 Investors Weigh In On Altus Power

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Spinnaker Trust bought a new position in shares of Altus Power in the fourth quarter valued at approximately $69,000. Victory Capital Management Inc. purchased a new position in Altus Power in the fourth quarter worth $72,000. Tower Research Capital LLC TRC grew its stake in Altus Power by 805.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,193 shares of the company’s stock valued at $76,000 after purchasing an additional 9,957 shares during the period. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Altus Power during the 1st quarter valued at $88,000. Finally, Clear Street Markets LLC bought a new stake in shares of Altus Power during the 3rd quarter worth $98,000. Hedge funds and other institutional investors own 46.55% of the company’s stock.

About Altus Power

(Get Free Report)

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.

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Earnings History and Estimates for Altus Power (NYSE:AMPS)

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