Altus Power, Inc. to Post Q1 2024 Earnings of ($0.08) Per Share, B. Riley Forecasts (NYSE:AMPS)

Altus Power, Inc. (NYSE:AMPS) – B. Riley cut their Q1 2024 earnings estimates for shares of Altus Power in a research report issued on Monday, April 22nd. B. Riley analyst C. Souther now expects that the company will post earnings per share of ($0.08) for the quarter, down from their previous forecast of ($0.06). B. Riley currently has a “Buy” rating and a $7.00 price target on the stock. The consensus estimate for Altus Power’s current full-year earnings is ($0.11) per share. B. Riley also issued estimates for Altus Power’s Q2 2024 earnings at $0.02 EPS, Q3 2024 earnings at $0.04 EPS, Q4 2024 earnings at ($0.07) EPS, FY2024 earnings at ($0.09) EPS and FY2025 earnings at ($0.08) EPS.

Altus Power (NYSE:AMPS) last released its quarterly earnings data on Thursday, March 14th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). The firm had revenue of $34.19 million for the quarter, compared to the consensus estimate of $42.85 million. Altus Power had a negative net margin of 6.03% and a negative return on equity of 0.30%.

A number of other analysts have also weighed in on the stock. Maxim Group initiated coverage on shares of Altus Power in a research note on Wednesday, April 10th. They set a “buy” rating and a $7.00 price objective for the company. Roth Mkm reduced their price objective on shares of Altus Power from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Finally, Morgan Stanley restated an “overweight” rating and set a $9.00 price objective on shares of Altus Power in a research note on Thursday, April 11th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $8.25.

Altus Power Stock Down 2.2 %

NYSE:AMPS opened at $3.60 on Wednesday. The firm has a market cap of $572.69 million, a P/E ratio of -51.42 and a beta of 0.88. The company has a debt-to-equity ratio of 2.33, a quick ratio of 2.15 and a current ratio of 2.15. Altus Power has a fifty-two week low of $3.40 and a fifty-two week high of $7.28. The firm has a 50-day simple moving average of $5.28 and a two-hundred day simple moving average of $5.54.

Insider Buying and Selling

In related news, insider Anthony Savino sold 34,725 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $7.02, for a total value of $243,769.50. Following the transaction, the insider now owns 3,907,536 shares of the company’s stock, valued at $27,430,902.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Altus Power news, CEO Lars Norell sold 40,000 shares of Altus Power stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $5.58, for a total transaction of $223,200.00. Following the transaction, the chief executive officer now owns 21,654,907 shares of the company’s stock, valued at $120,834,381.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Anthony Savino sold 34,725 shares of Altus Power stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $7.02, for a total transaction of $243,769.50. Following the transaction, the insider now directly owns 3,907,536 shares in the company, valued at approximately $27,430,902.72. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 83,673 shares of company stock valued at $530,948. 24.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Altus Power

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Altus Power by 12.8% during the third quarter. Vanguard Group Inc. now owns 3,871,155 shares of the company’s stock valued at $20,324,000 after purchasing an additional 438,845 shares in the last quarter. Ardsley Advisory Partners LP raised its position in shares of Altus Power by 9.4% during the third quarter. Ardsley Advisory Partners LP now owns 1,125,000 shares of the company’s stock valued at $5,906,000 after buying an additional 96,687 shares during the last quarter. Handelsbanken Fonder AB bought a new stake in shares of Altus Power during the fourth quarter valued at approximately $5,298,000. Skandinaviska Enskilda Banken AB publ raised its position in shares of Altus Power by 2.0% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 678,732 shares of the company’s stock valued at $3,563,000 after buying an additional 13,500 shares during the last quarter. Finally, abrdn plc raised its position in shares of Altus Power by 1,217.7% during the third quarter. abrdn plc now owns 619,300 shares of the company’s stock valued at $3,251,000 after buying an additional 572,300 shares during the last quarter. Hedge funds and other institutional investors 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.