UBS cuts Brent crude oil forecasts
Lars Norell, a significant shareholder of Altus Power , Inc. (NYSE:AMPS), recently sold 12,482 shares of the company’s Class A Common Stock. The transaction comes amid the stock’s impressive 23% gain over the past week and 54% surge in the last six months. According to InvestingPro analysis, the stock is currently trading above its Fair Value. The shares were sold at an average price of $4.90 each, totaling approximately $61,161. Following this transaction, Norell holds an indirect ownership of 17,558,183 shares through Start Capital LLC. Additionally, he retains direct ownership of 122,648 shares. Norell, who is a ten percent owner of Altus Power, executed this transaction on February 6, 2025, with the company’s next earnings report scheduled for March 20, 2025. For deeper insights into insider trading patterns and 16+ additional ProTips, consider exploring InvestingPro.
In other recent news, Altus Power, a leading solar energy provider, is set to be acquired by TPG through its TPG Rise Climate Transition Infrastructure strategy in an all-cash transaction valued at roughly $2.2 billion, including debt. The acquisition price is $5.00 per share, which is a 66% premium over Altus Power’s unaffected closing price on October 15, 2024. Analyst teams at UBS and JPMorgan have adjusted their stock ratings for Altus Power in light of this development, with UBS downgrading from Buy to Neutral and JPMorgan upgrading from Underweight to Neutral. Both firms set a price target of $5.00, anticipating that the stock’s value will remain stable until the deal’s completion. The acquisition, which is backed by support agreements involving significant stakeholders like Blackstone (NYSE:BX) and a CBRE Group (NYSE:CBRE) subsidiary, is expected to finalize in the second quarter of 2025. In other developments, Richard Shapiro has been appointed to the Board of Directors of Evolv Technologies Holdings, effective February 3, 2025. Shapiro, who also serves on the board of Altus Power, brings nearly 30 years of investment management experience to his new role.
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