A recent filing with the Securities and Exchange Commission has revealed that Louis P. Maltezos, Executive Vice President of Ameresco, Inc. (NYSE:AMRC), has sold 75 shares of the company's Class A Common Stock. The transaction, dated September 19, 2024, was executed at a price of $37.64 per share, totaling over $2,823.
The sale was part of an automatic sell-to-cover instruction connected to the vesting of Restricted Stock Units (RSUs) that were granted to Maltezos on March 17, 2023. According to the footnote in the filing, the shares were sold solely to cover applicable withholding taxes for the partial vesting of the RSUs. This automatic transaction is a common practice for executives to manage tax liabilities resulting from the vesting of equity awards.
Despite the sale, Maltezos continues to hold a significant amount of Ameresco stock, with 30,430 shares remaining in his possession following this transaction. The RSUs in question represent a contingent right to receive Ameresco shares and are set to vest in increments of 25% every six months from the grant date.
Ameresco, Inc., headquartered in Framingham, Massachusetts, operates in the construction and special trade contractors industry, focusing on energy efficiency solutions for facilities throughout North America and the United Kingdom.
Investors often monitor the buying and selling activity of company executives as it can provide insights into their confidence in the company's future performance. However, it is important to note that transactions such as these are frequently scheduled in advance and may not necessarily reflect immediate changes in business outlook or management sentiment.
In other recent news, Ameresco, a cleantech integrator and renewable energy company, is nearing the completion of two major battery energy storage projects in partnership with Southern California Edison Company (SCE). The company is set to receive approximately $110 million from SCE for reaching this significant milestone. Ameresco also reported a 34% increase in Q2 revenues, reaching $438 million, and a record backlog growth of 36% to $4.4 billion. However, Ameresco adjusted its fiscal year 2024 EBITDA guidance by 2% due to cost overruns from SCE projects, as reported by Piper Sandler.
Baird equity research firm maintains an Outperform rating on Ameresco, identifying it as a Bullish Fresh Pick. This is based on the expected completion of the SCE projects and the company's strategic additions to its energy assets. In partnership with the City of Somersworth, Ameresco has initiated a substantial solar photovoltaic (PV) installation at the Somersworth Landfill, expected to produce over 67 million kWh over two decades.
These are the recent developments for Ameresco, which also includes the initiation of a $33 million project to enhance energy efficiency at the U.S. National Archives and a $249 million battery energy storage system in the United Kingdom in collaboration with Envision Energy.
InvestingPro Insights
As Ameresco, Inc. (NYSE:AMRC) navigates the energy efficiency landscape, the company's financial health and market performance continue to be areas of interest for investors. According to InvestingPro data, Ameresco has a market capitalization of approximately $1.9 billion, reflecting the company's standing within the industry. The firm's Price-to-Earnings (P/E) ratio stands at 32.93, suggesting that investors are willing to pay a higher price for earnings, potentially due to expectations of future growth.
InvestingPro Tips indicate that analysts have a positive outlook on Ameresco's sales growth in the current year, with five analysts revising their earnings upwards for the upcoming period. This could be a sign of confidence in the company's ability to expand its revenue streams despite the challenges in the market. Additionally, Ameresco's recent price movements have been quite volatile, which may attract investors looking for short-term trading opportunities, although it also suggests a higher risk profile for the stock.
It's noteworthy that Ameresco's revenue growth over the last twelve months as of Q2 2024 was 10.34%, with a significant quarterly increase of 33.91%. This growth is a testament to the company's ability to increase its sales amid a dynamic energy sector. However, with a reported PEG Ratio of 3.99, investors may want to consider whether the company's earnings growth justifies the stock's current price levels.
For those interested in more detailed analysis and additional insights, there are 18 more InvestingPro Tips available for Ameresco, which can be found at InvestingPro Ameresco.
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