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Dustin Weber, the Chief Financial Officer of Altus Power , Inc. (NYSE:AMPS), recently sold 15,480 shares of the company's Class A common stock. The transaction, which took place on April 7, was executed at a price of $4.96 per share, resulting in a total sale value of $76,780. The stock has shown remarkable strength, posting an 81% gain over the past six months, according to InvestingPro data.
This sale was conducted to satisfy tax withholding obligations through a "sell to cover" transaction and does not represent a discretionary trade by Mr. Weber. Following the transaction, Weber retains direct ownership of 1,966,208 shares in Altus Power. The company maintains impressive gross profit margins of 76.5%, though InvestingPro analysis indicates significant debt obligations that warrant attention.
Altus Power, based in Stamford, Connecticut, is a company that operates within the electric services industry. With a market capitalization of approximately $796 million, the company has demonstrated strong revenue growth of 26.5% over the last twelve months. Discover 12 additional key insights about AMPS through the comprehensive InvestingPro 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. The transaction, valued at approximately $2.2 billion, will see Altus Power's stockholders receiving $5.00 in cash per share. This acquisition represents a 66% premium over the company's unaffected closing price as of October 15, 2024. Following the completion of the transaction, Altus Power's Class A common stock will be delisted from the New York Stock Exchange. Meanwhile, UBS has downgraded Altus Power's stock rating from Buy to Neutral, citing the acquisition news and maintaining a price target of $5.00. In contrast, JPMorgan has upgraded its rating from Underweight to Neutral, considering the offer price reasonable under current market conditions. The deal is anticipated to close in the second quarter of 2025, with significant investor backing and no financing conditions attached.
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