What is B. Riley’s Forecast for Altus Power FY2024 Earnings?

Altus Power, Inc. (NYSE:AMPS) – Equities researchers at B. Riley raised their FY2024 earnings estimates for shares of Altus Power in a report issued on Wednesday, November 13th. B. Riley analyst R. Pfingst now forecasts that the company will post earnings per share of $0.14 for the year, up from their previous forecast of $0.08. The consensus estimate for Altus Power’s current full-year earnings is $0.14 per share. B. Riley also issued estimates for Altus Power’s FY2025 earnings at ($0.13) EPS and FY2026 earnings at ($0.15) EPS.

Several other analysts have also recently commented on the company. Morgan Stanley cut Altus Power from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $8.00 to $4.00 in a research report on Wednesday, August 21st. Maxim Group lowered their price target on Altus Power from $5.50 to $4.50 and set a “buy” rating on the stock in a report on Monday, August 12th. UBS Group reduced their price objective on shares of Altus Power from $5.50 to $5.00 and set a “buy” rating for the company in a report on Friday, August 9th. Citigroup decreased their target price on shares of Altus Power from $7.00 to $5.50 and set a “buy” rating for the company in a research report on Tuesday, October 22nd. Finally, Roth Mkm restated a “buy” rating and set a $4.50 price target on shares of Altus Power in a research report on Wednesday, October 16th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $5.81.

Altus Power Stock Performance

AMPS opened at $3.84 on Monday. The company has a current ratio of 0.60, a quick ratio of 0.91 and a debt-to-equity ratio of 2.10. The business’s 50 day moving average is $3.36 and its 200-day moving average is $3.70. The stock has a market cap of $616.63 million, a PE ratio of 17.43 and a beta of 0.94. Altus Power has a twelve month low of $2.71 and a twelve month high of $7.28.

Hedge Funds Weigh In On Altus Power

Several hedge funds have recently made changes to their positions in the business. Summit Securities Group LLC acquired a new stake in shares of Altus Power during the second quarter worth $39,000. Iridian Asset Management LLC CT acquired a new stake in Altus Power during the 3rd quarter worth about $40,000. HighTower Advisors LLC acquired a new stake in Altus Power during the 3rd quarter worth about $41,000. Vaughan David Investments LLC IL purchased a new stake in Altus Power during the second quarter valued at about $55,000. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of Altus Power in the second quarter worth about $68,000. 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.