BlackRock Fund Advisors recently announced the acquisition of new stake in Altus Power Inc. (NYSE:AMPS). The institutional investor has increased its shareholding in the Utilities company by 88.14% to 4.87 million shares with purchase of 2.28 million shares. This fresh investment now brings its stake to 3.07% valued currently at $22.12 million. In addition, ValueAct Capital Management LP raised its holdings by 20.0 to 4.02 million shares. And Hood River Capital Management LLC has lifted its position by 57.36% or 1.14 million shares – to 3.14 million shares.
With over 1.63 million Altus Power Inc. (AMPS) shares trading Tuesday and a closing price of $4.88 on the day, the dollar volume was approximately $7.93 million. The shares have shown a negative half year performance of -30.88% and its price on 05/23/23 gained nearly 3.61%. Currently, there are 158.62M common shares owned by the public and among those 67.65M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for AMPS have a consensus price objective of $9.86. The analysts have set the share’s price value over the next 12 months at a high of $14.00 and a low of $7.00. The average price target is 51.2% above its recent price level and an upside to the estimated low will see the stock gain 30.29% over that period. But an upside of 65.14% will see the stock hit the forecast high price target while median target price for the stock is $10.00.
Insiders at the company have transacted a total of 30 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 23 of these insider trades were purchases, accounting for 12,398,828 shares. Insider sales of the common stock occurred on 7 occasions, with total insider shares sold totaling 17,424,554 shares.
The top 3 mutual fund holders in Altus Power Inc. are Invesco Solar ETF, iShares Russell 2000 ETF, and Invesco WilderHill Clean Energy E. Invesco Solar ETF owns 2.06 million shares of the company’s stock, all valued at over $9.33 million. The company sold 16638.0 shares recently to bring their total holdings to about 1.29% of the shares outstanding. iShares Russell 2000 ETF sold 28560.0 shares to see its total holdings shrink to 1.95 million shares valued at over $8.86 million and representing 1.23% of the shares outstanding. Invesco WilderHill Clean Energy E now owns shares totaling to 1.12% of the shares outstanding.
Shares of Altus Power Inc. (NYSE: AMPS) opened at $4.87, up $0.16 from a prior closing price of $4.71. However, the script later moved the day high at 5.1950, up 3.61%. The company’s stock has a 5-day price change of 0.21% and -29.99% over the past three months. AMPS shares are trading -25.15% year to date (YTD), with the 12-month market performance down to -27.70% lower. It has a 12-month low price of $4.08 and touched a high of $14.72 over the same period. AMPS has an average intraday trading volume of 1.43 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 6.03%, -2.30%, and -37.32% respectively.
Institutional ownership of Altus Power Inc. (NYSE: AMPS) shares accounts for 41.40% of the company’s 158.62M shares outstanding. Mutual fund holders own 32.01%, while other institutional holders and individual stakeholders account for 66.09% and 13.45% respectively.
It has a market capitalization of $854.98M. The earnings-per-share (ttm) stands at -$0.02. Price movements for the stock have been influenced by the stock’s volatility, which stands at 9.24% over the week and 7.32% over the month.
Analysts forecast that Altus Power Inc. (AMPS) will achieve an EPS of $0.01 for the current quarter, $0.04 for the next quarter and $0.24 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.03 while analysts give the company a high EPS estimate of $0.04. Comparatively, EPS for the current quarter was $0.16 a year ago. Earnings per share for the fiscal year are expected to increase by 833.30%, and 235.82% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate Altus Power Inc. (AMPS) as a “Strong Buy” at a consensus score of 1.90. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 0 of the 7 advise that investors “hold,” and 0 rated it as a “Sell.”
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