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Altus Power, Inc. (AMPS) Surges 5.7%: Is This an Indication of Further Gains?
Altus Power, Inc. (AMPS - Free Report) shares rallied 5.7% in the last trading session to close at $5.02. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 13.6% loss over the past four weeks.
The latest uptick in the share performance of Altus Power can be attributed to the fact that the company has recently received a consensus recommendation of "Buy" from the seven brokerages that are currently covering the company, as reported by Marketbeat.
This company is expected to post quarterly loss of $0.04 per share in its upcoming report, which represents a year-over-year change of -33.3%. Revenues are expected to be $29 million, up 51.1% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Altus Power, Inc., the consensus EPS estimate for the quarter has been revised 27.3% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on AMPS going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Altus Power, Inc. is a member of the Zacks Alternative Energy - Other industry. One other stock in the same industry, Iris Energy Limited (IREN - Free Report) , finished the last trading session 4.4% lower at $4.32. IREN has returned 51.7% over the past month.
For Iris Energy Limited, the consensus EPS estimate for the upcoming report has changed -300% over the past month to -$0.27. This represents a change of -440% from what the company reported a year ago. Iris Energy Limited currently has a Zacks Rank of #3 (Hold).