In a turbulent market environment, Altus Power Inc. (AMPS) stock has recorded a new 52-week low, touching down at $2.9. This latest price level reflects a significant downturn for the company, which has seen its stock value contract by over half, with a 1-year change showing a steep decline of -53.04%. Investors are closely monitoring the renewable energy company's performance as it navigates through a challenging economic landscape, which has seen many growth-oriented stocks retreat from their previous highs. The 52-week low serves as a critical juncture for Altus Power, as market participants consider the company's future prospects and its ability to rebound from the current lows.
In other recent news, Altus Power has seen a flurry of activity. The company's second-quarter results revealed a 13% increase in quarterly revenue, reaching $52.5 million, and a slight rise in adjusted EBITDA to $31.2 million. Despite facing utility and interconnection delays, Altus Power maintains a positive outlook for long-term growth, reiterating a three-year guidance of 20% to 30% CAGR on megawatt growth. The company has also revised its full-year 2024 revenue guidance to range between $196 million and $201 million, and adjusted EBITDA guidance to $111 million to $115 million.
Simultaneously, Roth/MKM adjusted the price target for Altus Power to $4.50 from the previous $5.00 while continuing to recommend the stock as a Buy. This followed the company's second-quarter results and a downward revision of its 2024 outlook due to the projected pace of asset additions. Despite the reduction, Roth/MKM maintains a positive outlook on Altus Power's stock, suggesting potential for recovery and growth.
In response to these developments, Altus Power is honing its strategy to leverage the synergy between CBRE's client base and its own strong presence in key markets. The company aims to capitalize on the convergence of CBRE's client relationships with its own market strengths, enhancing its asset development and deployment initiatives. These are some of the recent developments in the company's trajectory.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.