10 Best Renewable Energy Penny Stocks to Invest In

3. Altus Power, Inc. (NYSE:AMPS)

Share Price as of May 28: $3.94

Number of Hedge Fund Holders: 10

Altus Power, Inc. (NYSE:AMPS) is a clean electrification firm, engaged in the acquisition, development, construction, and operation of roof, ground, and carport photovoltaic solar energy generation and storage systems. Founded in 2013 in Connecticut, the company serves industrial, commercial, public sector, and community solar customers. In January, the company closed an acquisition of 84 megawatts of assets from Vitol along with 50 megawatts in New York and additional assets in New Jersey and Maine. The company expects the recently built assets to increase its annual recurring revenue by nearly $13 million, reaching $183 million. The company aims to produce 1,060 gigawatt hours of power from its year-ending operating portfolio.

On May 9, Altus Power, Inc. (NYSE:AMPS) reported its earnings for Q1 2024. It posted an EPS of $0.04, beating estimates by $0.14. Its revenue for the quarter reached $40.7 million, recording a 38.4% year-over-year increase. In the first quarter of 2024, the company generated 210 gigawatt hours of clean electricity. The leading clean energy company serves over 24,000 community solar customers, with an addition of 4,000 residential customers during Q1.

At the end of the first quarter, Altus Power, Inc. (NYSE:AMPS) was a part of 10 hedge funds’ portfolios, with positions worth $32.57 million according to Insider Monkey’s database. Based on the consensus of 9 analysts, the stock has a buy rating and an average price target of $6.5 which represents an upside potential of 64.25% from its current price.