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Felton Gregg J, the Co-Founder, CEO, and President of Altus Power , Inc. (NYSE:AMPS), recently sold 87,048 shares of the company’s Class A Common Stock. The shares were sold at a price of $4.96 each, amounting to a total transaction value of $431,758. Following this sale, Gregg holds 3,852,712 shares directly. The transaction occurred near the stock's 52-week high of $5.50, with the company maintaining impressive gross profit margins of 76.5%.
The sale was conducted to fulfill tax withholding obligations through a "sell to cover" transaction, rather than as a discretionary trade by Gregg. Additionally, Gregg indirectly holds 12,044,603 shares through Felton Asset Management LLC, where he serves as the managing member. However, he disclaims beneficial ownership of these shares, except for his pecuniary interest. For deeper insights into AMPS's valuation and 12 additional exclusive ProTips, visit InvestingPro, where you'll find comprehensive analysis in our detailed Pro Research Report.
In other recent news, Altus Power, Inc. has received stockholder approval for its acquisition by TPG through the TPG Rise Climate Transition Infrastructure strategy. This merger agreement will see stockholders receive $5.00 in cash per share, with the transaction expected to conclude in the second quarter of 2025. The deal is valued at approximately $2.2 billion, including debt, and represents a 66% premium over Altus Power's stock price prior to the announcement of strategic alternatives. Following this development, UBS downgraded Altus Power's stock rating from Buy to Neutral, maintaining a price target of $5.00, citing expectations of stability in stock value until the deal's closure. Meanwhile, JPMorgan upgraded the stock from Underweight to Neutral, with a year-end 2025 price target of $5.00, viewing the offer price as reasonable under current market conditions. The acquisition is anticipated to enhance Altus Power's offerings in commercial and Community Solar sectors, according to company statements. Approximately 40% of Altus Power's Class A common stock is already supported by agreements from major stakeholders, indicating a strong likelihood of the deal's completion. Altus Power will become a private entity, and its stock will be delisted from the New York Stock Exchange post-acquisition.
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