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Savino Anthony, the co-founder and Chief Construction Officer of Altus Power , Inc. (NYSE:AMPS), recently sold shares of the company’s Class A common stock. According to a Form 4 filing with the Securities and Exchange Commission, Anthony sold 8,823 shares at a price of $4.91 per share, totaling $43,320. The transaction comes as the company, currently valued at $784 million, has shown strong momentum with a 59.8% price return over the past six months.
This transaction was conducted to satisfy tax withholding obligations through a "sell to cover" arrangement, as noted in the filing. Following the sale, Anthony retains ownership of 4,088,231 shares in the company. InvestingPro analysis indicates the stock is currently fairly valued, with analyst price targets ranging between $5.00 and $5.50 per share.
Altus Power, headquartered in Stamford, Connecticut, is a key player in the electric services sector, focusing on clean energy solutions. The company maintains impressive gross profit margins of 77.24% and has delivered a 20.15% return year-to-date. Get access to 14 additional exclusive InvestingPro Tips and comprehensive analysis for smarter investment decisions.
In other recent news, Altus Power announced a definitive acquisition agreement with TPG Rise Climate valued at approximately $2.2 billion, including debt. This all-cash transaction will see Altus Power go private, with its Class A common stock delisting from the New York Stock Exchange. The acquisition price of $5.00 per share represents a 66% premium over the company’s previous closing price in October 2024. The deal, expected to close in the second quarter of 2025, has already received unanimous approval from Altus Power’s Board of Directors and support from stockholders representing about 40% of its Class A common stock. UBS recently downgraded Altus Power’s stock rating from Buy to Neutral, citing the acquisition as a stabilizing factor for the stock’s value until the deal’s completion. Conversely, JPMorgan upgraded Altus Power from Underweight to Neutral, viewing the acquisition price as reasonable given market conditions and financial projections. Altus Power’s strategic review, initiated in October 2024, has been a key factor leading to the recent developments, including the acquisition offer.
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