Altus Power, Inc. (NYSE:AMPS) co-founder and co-CEO, Gregg J. Felton, has recently expanded his investment in the company, purchasing additional shares valued at a total of $59,750. The transaction, which took place on March 28, involved the acquisition of 12,500 shares of Class A Common Stock at a weighted average price of $4.78 per share.
The recent purchase by Felton reflects a vote of confidence in the future of Altus Power, a company specializing in electric services. The shares were bought in multiple transactions, with prices ranging from $4.77 to $4.80. Following this transaction, Felton's direct and indirect holdings in the company amount to a substantial 11,894,603 shares, managed through Felton Asset Management LLC.
Altus Power has been in the spotlight for its efforts in the energy sector, and this purchase by a key executive might be seen by investors as a positive signal. The company, which has gone through a name change from its former identity as CBRE Acquisition Holdings, Inc., is headquartered in Stamford, Connecticut, and continues to make strides in the electric services industry.
Investors and analysts often look to insider transactions such as these to gauge the sentiment of high-ranking officials within a company. Felton's recent acquisition of Altus Power stock could be interpreted as a strong belief in the company's strategic direction and growth potential.
The details of the transaction were made public through a Form 4 filing with the Securities and Exchange Commission. The filing was signed on behalf of Gregg J. Felton by Attorney-in-Fact Sophia Lee on April 1, 2024.
InvestingPro Insights
Amidst the news of Altus Power, Inc.'s (NYSE:AMPS) co-founder and co-CEO Gregg J. Felton increasing his stake in the company, investors may be looking for deeper insights into the company's financial health and market performance. Here are some key metrics and tips from InvestingPro that could shed light on the company's current situation:
InvestingPro Data:
- Altus Power's stock has experienced high price volatility, which could be a factor to consider for investors seeking stability in their portfolio.
- The company has been grappling with a significant debt burden, which raises concerns about its ability to meet interest payments.
- Despite these challenges, analysts are predicting sales growth in the current year, suggesting potential for revenue expansion.
InvestingPro Tips:
- With the company not having turned a profit over the last twelve months, investors should be aware of the risks associated with investing in a company that is still working towards profitability.
- However, Altus Power's liquid assets exceed its short-term obligations, providing some assurance regarding the company's liquidity position.
For investors intrigued by the insider buying activity and considering a deeper dive into Altus Power's prospects, there are additional InvestingPro Tips available that could further inform investment decisions. Specifically, there are 13 more tips available for Altus Power on InvestingPro, offering a comprehensive analysis of the company's financials, valuation, and market performance.
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