Dallas-based investment firm P10, Inc. (NASDAQ:PX), currently valued at $1.53 billion, recently witnessed a substantial divestiture of its Class A Common Stock. The transactions, disclosed in a recent SEC filing, revealed that multiple insiders collectively sold shares worth approximately $6.05 million. The sales occurred over several days, with prices ranging between $13.3788 and $13.906 per share, near the stock's 52-week high of $14.28.
The selling parties included notable entities such as Covenant RHA Partners, L.P., 210 Capital, LLC, and individuals like Webb C Clark and Robert H Alpert. These insiders, who hold significant stakes in P10, Inc., executed the sales while maintaining their positions as beneficial owners of more than 10% of the company's common stock. The company has demonstrated strong performance, with revenue growth of 15.82% and a "GOOD" financial health score according to InvestingPro analysis.
In addition to these sales, a conversion transaction took place, where 700,000 shares of Class B Common Stock were converted into Class A Common Stock at no cost. This conversion did not generate any cash proceeds but altered the composition of the insiders' holdings.
The transactions underline ongoing adjustments in the equity structure of P10, Inc., reflecting strategic decisions by its major stakeholders. Investors will be keen to see how these changes impact the company's market dynamics and shareholder value in the coming months.
In other recent news, P10 Inc (NYSE:PX) reported a substantial 26% year-over-year revenue increase in its third-quarter results for 2024, surpassing estimates by about 11%. In addition, the firm's EBITDA exceeded forecasts by nearly 30%, with a reported EBITDA margin of 47.6%, well above the 40.7% anticipated by analysts. In terms of mergers and acquisitions, P10 Inc recently announced the acquisition of Qualitas Funds, a move expected to expand the company's European presence and investor base.
Financial services firm Stephens has shown confidence in P10 Inc's performance, maintaining an Overweight rating on the company's stock and raising the price target to $13 from the previous $12. P10 Inc has also appointed Mike Goodwin as its new Chief Information Officer (CIO), with Goodwin bringing over twenty years of experience in information management to the company.
In the recent developments, P10 Inc is aiming to double its fee-paying assets under management by 2029, focusing on organic growth and value-creating mergers and acquisitions. Lastly, P10 Inc declared a quarterly cash dividend of $0.035 per share, reflecting its disciplined capital allocation strategy.
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