A recent filing with the Securities and Exchange Commission has revealed that Louis P. Maltezos, Executive Vice President of Ameresco, Inc. (NYSE:), 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…
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