A recent filing with the Securities and Exchange Commission has revealed that Mark Chiplock, the Executive Vice President, Chief Financial Officer, and Chief Accounting Officer of Ameresco, Inc. (NYSE:AMRC), a leader in energy efficiency and renewable energy solutions, has sold a portion of his shares in the company.
The transaction, which took place on September 19, 2024, involved the sale of 98 shares of Class A Common Stock at a price of $37.64 per share, totaling approximately $3,688. This sale was conducted under an automatic sell-to-cover instruction to cover applicable withholding taxes related to the partial vesting of restricted stock units (RSUs).
According to the footnotes in the filing, the RSUs, which represent a contingent right to receive shares of Ameresco's Common Stock, were granted to Chiplock on March 17, 2023, and are set to vest in 25% increments every six months from the grant date. It is also noted that the shares were sold solely to cover the applicable withholding taxes in connection with the vesting of the RSUs.
Following this sale, Chiplock's ownership in the company stands at 527 shares of Class A Common Stock. This indicates a decrease from the 625 shares he owned following a transaction on September 17, 2024, where he acquired 277 shares through the vesting of RSUs at no cost.
Investors often monitor insider transactions as they can provide insights into an executive's view of the company's stock value and financial health. However, transactions such as these, which are related to the vesting of equity awards, are typically pre-planned and do not necessarily indicate a change in the executive's confidence in the company.
Ameresco, Inc. specializes in construction special trade contracting and is known for its commitment to sustainability and energy efficiency. The company's stock is publicly traded on the New York Stock Exchange under the ticker symbol AMRC.
In other recent news, clean technology integrator Ameresco, Inc. is nearing completion on two major battery energy storage projects in partnership with Southern California Edison (SCE). The company is set to receive around $110 million from SCE, marking a significant milestone. A third project is anticipated to reach substantial completion in the fourth quarter of 2024. In financial developments, Ameresco reported a 34% increase in Q2 revenues, reaching $438 million, and a record backlog growth of 36% to $4.4 billion. However, due to cost overruns from SCE projects, the company adjusted its fiscal year 2024 EBITDA guidance by 2%, as reported by Piper Sandler.
Baird equity research firm maintains an Outperform rating on Ameresco, anticipating that the company's strategic additions to its energy assets will drive earnings above current and consensus estimates in the medium to long term. In collaboration with the City of Somersworth, Ameresco has initiated a substantial solar photovoltaic installation at the Somersworth Landfill, which is expected to produce over 67 million kWh over two decades. The company has also been involved in other notable projects, including a $33 million energy efficiency enhancement at the U.S. National Archives and a $249 million battery energy storage system in the United Kingdom in collaboration with Envision Energy. These recent developments provide insight into Ameresco's ongoing initiatives.
InvestingPro Insights
As Ameresco, Inc. (NYSE:AMRC) continues to make headlines with insider transactions, investors looking to understand the broader financial context of the company can turn to recent metrics and analyst insights. According to InvestingPro data, Ameresco currently has a market capitalization of $1.9 billion and is trading at a price-to-earnings (P/E) ratio of 32.93, which is adjusted to 30.79 for the last twelve months as of Q2 2024.
The company's revenue has seen a growth of 10.34% over the last twelve months as of Q2 2024, indicating an upward trajectory in sales. This aligns with one of the InvestingPro Tips, which highlights that analysts anticipate sales growth in the current year. Additionally, Ameresco's stock has experienced a significant return over the last week, with a 9.24% price total return, and an impressive 82.05% return over the last six months. These figures suggest that the stock has been performing well in the short to medium term.
However, it's important to consider that Ameresco operates with a significant debt burden and is quickly burning through cash, as noted in two other InvestingPro Tips. These factors can be critical for investors to watch, as they may impact the company's long-term financial stability and growth prospects. For a more comprehensive analysis, including additional insights, investors can access over 15 InvestingPro Tips for Ameresco, Inc. at https://www.investing.com/pro/AMRC.
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