Executives at P10, Inc. (NYSE:PX), a firm specializing in investment advice, have recently sold a significant amount of shares, according to the latest filings. On three separate days, transactions were carried out that resulted in the sale of P10 Inc (NYSE:PX). shares with a total value exceeding $2.8 million.
The series of sales began on September 13, 2024, with a total of 33,110 shares sold at a weighted average price of $10.5380, ranging between $10.50 and $10.63 per share. This was followed by a larger transaction on September 16, where 129,462 shares changed hands at an average of $10.5281, within a price bracket of $10.50 to $10.565. The final sale occurred on September 17, with 106,623 shares sold at an average price of $10.6627, with individual sales prices between $10.60 and $10.755.
These transactions were executed in accordance with a pre-arranged trading plan under Rule 10b5-1, which allows company insiders to set up a predetermined schedule to sell stocks at a time when they are not in possession of material non-public information. This ensures that the sales are carried out in compliance with insider trading laws.
The filings indicate that these sales were conducted by a group of reporting persons, including 210 Capital, LLC, Covenant RHA Partners, L.P., CCW/LAW Holdings, LLC, as well as individuals Webb C. Clark and Robert H. Alpert, who hold significant positions within the company. Both Mr. Clark and Mr. Alpert serve as directors, with Mr. Clark also holding the role of Executive Vice Chairman.
It is important to note that the ownership of these shares is indirect, as they are owned by 210/P10 Acquisition Partners, LLC. The reporting persons have a pecuniary interest in the sold shares through their relationships with the entities involved.
The transactions reflect a notable movement in the ownership of P10 Inc.'s stock by key insiders, which can be an area of interest for investors and market analysts. Following these sales, the ownership stakes of the involved parties in P10 Inc. have been adjusted accordingly.
In other recent news, P10 Inc. has announced the acquisition of Madrid-based Qualitas Equity Funds SGEIC, S.A. for an initial $63 million, a strategic move to boost its European foothold. The transaction is set to add approximately $1 billion in fee-paying assets under management and expand P10's global client base by over 1,300 limited partners. The deal, expected to close in the first quarter of 2025, includes $42.25 million in cash and $20.75 million in P10 stock, with a potential for additional earnout consideration of up to $35 million tied to future fund revenue.
In financial highlights, P10 reported a strong second quarter in 2024, with revenue increasing by 14% to $71 million and substantial growth in fee-paying assets under management. Despite a slight 3% decrease in Fee-Related Earnings, the company raised and deployed $844 million in gross new assets under management.
However, UBS has recently downgraded P10's stock from Buy to Neutral, citing concerns about near-term earnings potential and valuation. The firm's decision reflects expectations of muted earnings growth for P10 and the potential impact of growth initiatives on near-term margins. These recent developments present a complex picture for P10, with strong revenue growth and strategic expansion on one hand, and concerns about near-term earnings and valuation on the other.
InvestingPro Insights
Amidst the recent insider sales at P10, Inc. (NYSE:PX), investors may find it valuable to consider the company's financial health and market performance. According to InvestingPro data, P10, Inc. has a market capitalization of $1.18 billion, indicating a substantial presence in the investment advisory sector. Moreover, the firm's revenue growth has been positive over the last twelve months as of Q2 2024, with a 13.65% increase, reflecting the company's ability to expand its operations in a competitive market.
InvestingPro Tips suggest that analysts are anticipating net income growth for P10, Inc. this year, which could signal a strong financial future for the company. Additionally, the firm has demonstrated a robust return over the last three months, with a total price return of 36.43%, potentially indicating investor confidence in the company's trajectory. However, it's worth noting that P10, Inc. is trading at a high earnings multiple, with a P/E ratio of 597.85, which may suggest that the stock is priced optimistically relative to earnings.
For investors seeking a deeper analysis, InvestingPro offers a comprehensive list of additional tips. As of the last update, there are 7 more InvestingPro Tips available for P10, Inc., which can be accessed through the dedicated page at https://www.investing.com/pro/PX. These tips could provide valuable insights into the company's financial condition, market performance, and future prospects.
Overall, the recent insider sales at P10, Inc. coupled with the company's financial data and market performance, present a multifaceted picture for investors to consider. The InvestingPro Insights serve to enrich the understanding of P10, Inc.'s current standing and future potential in the investment advisory industry.
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