Altus Power Inc (NYSE: AMPS) Stock: Will It Keep Climbing Higher?

In the last trading session, 1.15 million shares of the Altus Power Inc (NYSE:AMPS) were traded, and its beta was 0.88. Most recently the company’s share price was $4.69, and it changed around -$0.14 or -2.90% from the last close, which brings the market valuation of the company to $746.09M. AMPS currently trades at a discount to its 52-week high of $7.28, offering almost -55.22% off that amount. The share price’s 52-week low was $4.08, which indicates that the current value has risen by an impressive 13.01% since then. We note from Altus Power Inc’s average daily trading volume that its 10-day average is 0.99 million shares, with the 3-month average coming to 1.09 million.

Altus Power Inc (NYSE:AMPS) trade information

Instantly AMPS has showed a red trend with a performance of -2.90% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently down -31.33% year-to-date, but still up 2.18% over the last five days. On the other hand, Altus Power Inc (NYSE:AMPS) is -31.93% down in the 30-day period. We can see from the shorts that 7.61 million shares have been sold at a short interest cover period of 6.35 day(s).

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The consensus price target as assigned by Wall Street analysts is $12.67, which translates to bulls needing to increase their stock price by 62.98% from its current value. Analyst projections state that AMPS is forecast to be at a low of $11 and a high of $15.

Altus Power Inc (AMPS) estimates and forecasts

Altus Power Inc share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -10.67 percent over the past six months and at a -100.00% annual growth rate that is well below the industry average of 12.50%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will loss -233.30% in revenue this quarter, and will report a decrease of -25.00% in the next quarter. The year-over-year growth rate is expected to be 38.70%, up from the previous year.

Consensus estimates provided by 5 financial analysts predict the company will bring in an average of $44.36 million in revenue for the current quarter. 5 analysts expect Altus Power Inc to make $58.91 million in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $29.38 million and $46.51 million respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 51.00%. Forecasts for the next quarter put sales growth at 26.70%.

AMPS Dividends

Altus Power Inc’s next quarterly earnings report is expected to be released on March 14.

Altus Power Inc (NYSE:AMPS)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 48.91% of Altus Power Inc shares, and 53.56% of them are in the hands of institutional investors. The stock currently has a share float of 104.83%. Altus Power Inc stock is held by 203 institutions, with Blackstone Inc being the largest institutional investor. By Jun 29, 2023, it held 13.28% of the shares, which is about 21.12 million shares worth $114.03 million.

Blackrock Inc., with 3.87% or 6.16 million shares worth $33.26 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Vanguard Total Stock Market Index Fund and Invesco ETF Tr-Invesco Wilderhill Clean Energy ETF were the top two Mutual Funds as of Jun 29, 2023. The former held 2.14 million shares worth $11.55 million, making up 1.35% of all outstanding shares. On the other hand, Invesco ETF Tr-Invesco Wilderhill Clean Energy ETF held roughly 1.66 million shares worth around $10.75 million, which represents about 1.05% of the total shares outstanding.