Ameresco, Inc. (NYSE:AMRC), a leading clean technology integrator specializing in energy efficiency and renewable energy, has reported recent stock transactions by executive vice president and general counsel David J. Corrsin. According to the latest filings, Corrsin has sold a total of $4,361 worth of Class A Common Stock.
The transactions, which occurred on September 19 and September 9, involved the sale of 65 shares at $37.64 each and 19 shares at $29.50 each, respectively. These sales resulted in a total of $2,446 from the September 19 transaction and $1,915 from the earlier sale on September 9.
In addition to the sales, Corrsin also acquired shares through the exercise of options, commonly referred to as "M" transactions; however, these transactions were reported with a price of $0.0, indicating that no funds were exchanged for these shares. The total number of shares acquired through option exercises was not disclosed in the dollar value summary.
It is worth noting that some of the transactions were conducted indirectly by Corrsin's spouse, as indicated in the footnotes of the filing. Corrsin has disclaimed beneficial ownership of these securities, and the report should not be considered an admission of beneficial ownership for Section 16 or any other purpose.
Investors and followers of Ameresco, Inc. may view these transactions as part of the normal course of stock ownership and management for executives within the company. The sales were executed in accordance with automatic sell-to-cover instructions to cover applicable withholding taxes related to the partial vesting of restricted stock units (RSUs).
Ameresco continues to be a key player in the clean energy sector, with its stock transactions being closely watched by investors seeking insights into executive confidence and financial moves within the company.
In other recent news, Ameresco, a renewable energy company, has made significant strides in its core operations. The company reported a 34% rise in Q2 revenues to $438 million and a record backlog growth of 36% to $4.4 billion. These positive results were accompanied by the operation of 155 megawatts of Energy Assets, marking a significant achievement for Ameresco. However, due to cost overruns from Southern California Edison projects, the company adjusted its fiscal year 2024 EBITDA guidance by 2%, as reported by Piper Sandler.
In collaboration with Southern California Edison Company, Ameresco is nearing the completion of two major battery energy storage system projects. The third project in the series is expected to reach substantial completion in the fourth quarter of 2024. These projects underscore Ameresco's commitment to delivering energy efficiency and renewable energy solutions.
Ameresco has also initiated a substantial solar photovoltaic installation at the Somersworth Landfill in partnership with the City of Somersworth. This project is expected to produce over 67 million kWh over two decades.
Baird equity research firm maintains an Outperform rating on Ameresco, based on the anticipated completion of the Southern California Edison project and the company's strategic additions to its energy assets. These recent developments indicate Ameresco's continued focus on its growth in the renewable energy sector.
InvestingPro Insights
Ameresco, Inc. (NYSE:AMRC) has exhibited notable financial metrics and stock performance, as reflected in recent data. With a market capitalization of $1.9 billion, the company stands as a significant player in the clean technology sector. Analysts tracking Ameresco have revised their earnings upwards for the upcoming period, which may indicate a positive outlook on the company's profitability and financial health. Additionally, the stock has demonstrated a significant return over the last week with a 9.24% price total return, underlining the market's recent positive reception to the company's performance.
The company's revenue growth also appears robust, with a 10.34% increase over the last twelve months as of Q2 2024. This is further bolstered by a quarterly revenue growth of 33.91% for Q2 2024, suggesting that Ameresco is successfully expanding its operations and enhancing its market position. Moreover, Ameresco's P/E ratio stands at 32.93, which, while on the higher side, may reflect the market's anticipation of continued growth and the value investors are placing on future earnings.
Investors interested in a deeper analysis of Ameresco's financial health and stock performance can access additional insights. There are over 18 InvestingPro Tips available, including perspectives on the company's cash flow, valuation multiples, and stock price volatility. For those keen on making informed investment decisions, these tips can be found at InvestingPro's dedicated Ameresco page at https://www.investing.com/pro/AMRC.
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