Altus Power, Inc. (NYSE:AMPS) Sees Significant Increase in Short Interest

Altus Power, Inc. (NYSE:AMPS) was the target of a large increase in short interest in June. As of June 15th, there was short interest totalling 7,570,000 shares, an increase of 15.7% from the May 31st total of 6,540,000 shares. Based on an average trading volume of 1,150,000 shares, the days-to-cover ratio is currently 6.6 days. Currently, 8.5% of the company’s stock are short sold.

Insider Buying and Selling at Altus Power

In other Altus Power news, CEO Gregg J. Felton bought 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, 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 $46,710,998.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Altus Power news, CEO Gregg J. Felton bought 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, 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 $46,710,998.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Gregg J. Felton bought 34,139 shares of the stock in a transaction dated Friday, June 7th. The shares were acquired at an average price of $3.99 per share, with a total value of $136,214.61. Following the completion of the acquisition, the chief executive officer now directly owns 12,044,603 shares of the company’s stock, valued at approximately $48,057,965.97. The disclosure for this purchase can be found here. Insiders own 24.30% of the company’s stock.

Institutional Trading of Altus Power

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Altus Power by 12.8% in the 3rd quarter. Vanguard Group Inc. now owns 3,871,155 shares of the company’s stock worth $20,324,000 after purchasing an additional 438,845 shares in the last quarter. Swedbank AB purchased a new stake in Altus Power in the 1st quarter worth $12,589,000. Ardsley Advisory Partners LP lifted its stake in Altus Power by 9.4% in the 3rd quarter. Ardsley Advisory Partners LP now owns 1,125,000 shares of the company’s stock worth $5,906,000 after purchasing an additional 96,687 shares in the last quarter. Handelsbanken Fonder AB purchased a new stake in Altus Power in the 4th quarter worth $5,298,000. Finally, DekaBank Deutsche Girozentrale purchased a new stake in Altus Power in the 4th quarter worth $3,671,000. Hedge funds and other institutional investors own 46.55% of the company’s stock.

Analyst Ratings Changes

AMPS has been the subject of a number of recent analyst reports. Morgan Stanley restated an “overweight” rating and issued a $9.00 price objective on shares of Altus Power in a report on Thursday, April 11th. Seaport Res Ptn upgraded shares of Altus Power to a “strong-buy” rating in a report on Monday, June 3rd. Evercore ISI decreased their price objective on shares of Altus Power from $9.00 to $7.00 and set an “outperform” rating for the company in a report on Wednesday, May 15th. Maxim Group initiated coverage on shares of Altus Power in a report on Wednesday, April 10th. They issued a “buy” rating and a $7.00 price objective for the company. Finally, Roth Mkm decreased their price objective on shares of Altus Power from $7.00 to $5.00 and set a “buy” rating for the company in a report on Thursday, May 16th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $7.50.

Altus Power Stock Performance

Shares of AMPS stock opened at $3.76 on Wednesday. Altus Power has a 1 year low of $3.40 and a 1 year high of $7.28. The firm has a fifty day moving average price of $4.10 and a 200-day moving average price of $5.16. The company has a debt-to-equity ratio of 2.47, a current ratio of 1.48 and a quick ratio of 1.48.

Altus Power (NYSE:AMPS) last issued its earnings results on Thursday, May 9th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $40.66 million during the quarter, compared to the consensus estimate of $39.13 million. Altus Power had a negative net margin of 4.48% and a negative return on equity of 1.37%. During the same quarter in the prior year, the firm posted ($0.05) EPS. As a group, sell-side analysts anticipate that Altus Power will post -0.07 earnings per share for the current year.

Altus Power Company Profile

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.