George P. Sakellaris, President and CEO of Ameresco, Inc. (NYSE:AMRC), has recently acquired a significant amount of the company's Class A common stock. According to a filing with the Securities and Exchange Commission, Sakellaris purchased 25,000 shares on November 13, 2024, at a weighted average price of $26.54 per share. This transaction amounts to a total value of approximately $663,500.
Following this acquisition, Sakellaris now directly owns 853,638 shares of Ameresco. Additionally, he holds indirect ownership of 1,100,000 shares through a trust and 200,000 shares through his spouse. The trust shares are held for the benefit of his children and are not considered beneficially owned by him for certain regulatory purposes.
This move by Sakellaris is noteworthy as it reflects his continued confidence in the company's prospects. Ameresco, a leader in energy efficiency and renewable energy solutions, continues to expand its footprint in the sustainable energy sector.
In other recent news, Ameresco, Inc. reported a substantial increase in Q3 revenue and adjusted EBITDA, which grew by over 40%. The company added 42 megawatts of energy assets, surpassing annual guidance and reaching a record 2,000 megawatts. The project backlog and contracted backlog also saw growth, rising to $4.5 billion and $1.9 billion respectively.
In terms of recent developments, Ameresco is focusing on key projects such as a battery energy storage system in Silicon Valley and a geothermal infrastructure project in Louisiana. Despite potential policy changes and supply chain difficulties, Ameresco reaffirmed its 2024 guidance and expressed optimism about future growth prospects.
The company reported a total revenue increase of 49% to over half a billion dollars, with adjusted EBITDA rising by 44% to $62.2 million. Ameresco also maintains a healthy balance sheet, with $114 million in cash and a debt-to-EBITDA ratio of 2.8 times. Lastly, the company anticipates a decrease to 100-120 megawatts of assets coming online next year, due to this year's strong performance.
InvestingPro Insights
George P. Sakellaris' recent purchase of Ameresco shares aligns with several positive indicators highlighted by InvestingPro. According to InvestingPro Tips, analysts anticipate sales growth for Ameresco in the current year, and nine analysts have revised their earnings upwards for the upcoming period. This optimism is reflected in the company's robust revenue growth, with InvestingPro Data showing a 32.7% increase in the last twelve months as of Q3 2024.
The CEO's investment comes at a time when the stock has experienced some volatility. InvestingPro Data reveals that Ameresco's stock price has declined by 19.58% over the past month, potentially presenting a buying opportunity for those who share Sakellaris' long-term vision for the company.
Despite the recent price dip, Ameresco maintains a solid financial position. The company reported an adjusted operating income of $101.23 million in the last twelve months, with an operating income margin of 6.03%. This profitability is consistent with the InvestingPro Tip indicating that Ameresco has been profitable over the last twelve months.
It's worth noting that while Ameresco operates with a significant debt burden, as mentioned in an InvestingPro Tip, the company's strong revenue growth and profitability may help mitigate this concern. Investors considering following Sakellaris' lead might find additional value in exploring the 11 other InvestingPro Tips available, which offer a more comprehensive view of Ameresco's financial health and market position.
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