Altus Power, Inc. (NYSE:AMPS) has reported a recent purchase of shares by Gregg J Felton, the company's Co-Founder, CEO, and President. According to the latest filings, Felton acquired a total of 33,285 shares of Class A Common Stock in two separate transactions.
On the first day of trading, Felton bought 8,285 shares at a price of $4.03 per share. The following day, an additional 25,000 shares were purchased at a weighted average price of $3.99, with individual transactions ranging from $3.98 to $4.02. These transactions amounted to a total investment of $133,138 in Altus Power's stock.
The acquisition of shares by a high-ranking executive like Felton is often a noteworthy event for current and potential investors, as it reflects a direct financial commitment to the company's future performance. The shares were held indirectly through Felton Asset Management LLC, indicating a strategic approach to the investment.
Investors and market watchers typically monitor such insider transactions for insights into executive confidence and potential future developments within a company. These recent purchases by Felton may signal a positive outlook for Altus Power, a company situated within the electric services industry.
The details provided in the SEC filing also include a footnote clarifying that although the shares are held by Felton Asset Management LLC, Felton disclaims beneficial ownership except to the extent of his pecuniary interest therein. This technical distinction is part of the standard disclosure in such filings.
Altus Power, previously known as CBRE Acquisition Holdings, Inc., is headquartered in Stamford, Connecticut, and focuses on electric services. The company's stock trades on the New York Stock Exchange under the ticker symbol AMPS.
In other recent news, Altus Power, a leading player in the solar power sector, has been the subject of several analyst notes and has reported strong Q1 growth. Seaport Global Securities initiated coverage on Altus Power with a Buy rating and a price target of $6.50, citing the company's unique market approach and potential for growth. However, B.Riley and Evercore ISI have both cut their price targets for Altus Power to $6.00 and $7.00 respectively, due to a slower growth outlook. JPMorgan (NYSE:JPM) also revised its stance on Altus Power, downgrading the stock to Neutral following the company's first analyst day. Despite these revisions, Altus Power reported a significant increase in its Q1 revenue to $40.7 million and an adjusted EBITDA of $19.7 million. The company remains committed to expanding its commercial-scale solar generation assets and building long-term shareholder value. These are some of the recent developments concerning Altus Power.
InvestingPro Insights
Altus Power, Inc. (NYSE:AMPS) has caught the attention of investors not only through insider share purchases but also through its financial metrics and analyst outlook. The company's market capitalization currently stands at $649.09 million, reflecting its position in the market. Despite a challenging P/E ratio of -88.28, which indicates high expectations for future earnings growth, the company has shown a notable revenue growth of 49.49% over the last twelve months as of Q1 2024. This is complemented by a gross profit margin of 79.22%, demonstrating a strong ability to retain earnings over sales.
From an operational perspective, Altus Power's gross profit for the last twelve months as of Q1 2024 was $131.86 million, with an operating income margin of 13.19%. These figures suggest that the company is efficiently managing its expenses relative to its revenue. Additionally, Altus Power has been flagged by InvestingPro Tips for its noteworthy gross profit margins and anticipated sales growth in the current year, which aligns with the recent insider share purchases by CEO Gregg J Felton.
Moreover, investors should be aware of the company's significant debt burden and the potential difficulties in making interest payments on debt, as indicated by InvestingPro Tips. These factors are essential to consider when evaluating the company's financial health and future prospects. For those interested in deeper analysis, there are currently 14 additional tips available on InvestingPro. To access these insights and more, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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