Altus Power, Inc. (NYSE:AMPS), a leading provider in the electric services sector, has reported a significant purchase of shares by Co-Founder, CEO, and President, Gregg J. Felton. According to a recent Form 4 filing with the Securities and Exchange Commission, Felton acquired 34,139 shares of Class A Common Stock at a weighted average price ranging from $3.96 to $4.00 per share, amounting to a total investment of $136,214.
The transaction, which took place on June 7, 2024, demonstrates a strong vote of confidence from Felton in the company's future. Following the purchase, Felton now directly and indirectly owns a total of 16,093,460 shares through Felton Asset Management LLC, where he serves as the managing member. It is noted that Felton disclaims beneficial ownership of the shares held by Felton Asset Management LLC, except to the extent of his pecuniary interest.
Altus Power's stock has been under the watchful eye of investors, and transactions of this nature are often seen as a sign of an insider's belief in the company's prospects. The company, which was formerly known as CBRE Acquisition Holdings, Inc., has been making strides in the electric services industry and is headquartered in Stamford, Connecticut.
Investors and followers of Altus Power will continue to monitor insider activities, as these can provide insights into the company's performance and strategic direction. Felton's recent acquisition serves as a current example of executive-level confidence in the company's value and potential for growth.
In other recent news, Altus Power has been the subject of multiple analyst adjustments and has reported strong Q1 growth. Seaport Global Securities initiated coverage on Altus Power with a Buy rating, citing the company's unique market approach and potential for growth in the renewable energy industry. Meanwhile, B.Riley adjusted its financial outlook for Altus Power, reducing the price target to $6.00 from the previous $7.00, following the company's inaugural Analyst Day where it presented a more moderate growth trajectory.
Evercore ISI also revised its share price target for Altus Power to $7.00, highlighting the company's potential to benefit from the growing domestic solar panel manufacturing. However, JPMorgan (NYSE:JPM) revised its stance on Altus Power stock, downgrading from Overweight to Neutral after the company set three-year targets that fell short of market expectations.
In terms of earnings, Altus Power reported a significant increase in Q1 revenue to $40.7 million and an adjusted EBITDA of $19.7 million. The company's portfolio is nearing 1 gigawatt in size, bolstered by a recent acquisition from Vitol. These recent developments indicate a period of adjustment and growth for Altus Power.
InvestingPro Insights
Amidst the recent insider buying activity at Altus Power, Inc. (NYSE:AMPS), the company's financial health and future prospects remain a focal point for investors. Gregg J. Felton's purchase of shares is a notable endorsement of the company's potential.
Analyzing the latest data from InvestingPro, Altus Power is currently trading with a market capitalization of around $636.3 million. The company's revenue has shown a robust growth of 49.49% over the last twelve months as of Q1 2024, reflecting a positive trend in the electric services industry. Additionally, Altus Power boasts an impressive gross profit margin of 79.22%, underscoring its ability to maintain profitability in operations.
Despite not being profitable over the last twelve months, Altus Power's net income is expected to grow this year, as indicated by one of the InvestingPro Tips. This aligns with the company's revenue growth and could be a sign of a turnaround in its financial performance. Moreover, the company's liquid assets exceed short-term obligations, suggesting a solid financial position to meet its immediate liabilities.
Investors interested in deeper analytical insights can find additional InvestingPro Tips on Altus Power, such as the company's significant debt burden and its high price volatility, which could be crucial for making informed investment decisions. For those looking to explore these tips further, visit InvestingPro and take advantage of the 10% discount on a yearly or biyearly Pro and Pro+ subscription using the promo code PRONEWS24. There are 14 additional tips available on InvestingPro that could provide valuable guidance for both current and potential investors.
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