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Lars Norell, a significant shareholder of Altus Power , Inc. (NYSE:AMPS), executed a series of stock sales recently, totaling approximately $53.9 million. The transactions occurred over several days, with shares sold at prices ranging from $4.865 to $4.8694. The sales come amid a notable surge in AMPS stock, which has posted a remarkable 27% gain in the past week and is currently trading at $4.87, according to InvestingPro data.
On February 7, Norell sold 7,987,518 shares, followed by additional sales of 1,646,936 shares on February 10, and 1,447,611 shares on February 11. These transactions were conducted indirectly through Start Capital LLC, where Norell is the managing member. Following these sales, Norell’s remaining indirect holdings stand at 6,476,118 shares in the $779.2 million market cap company.
Investors are closely monitoring these transactions as they reflect significant movements in the stock holdings of one of Altus Power’s major stakeholders. InvestingPro analysis indicates the stock is currently trading above its Fair Value, with additional insights available in the comprehensive Pro Research Report, which covers key metrics and growth prospects for this volatile clean energy stock.
In other recent news, Altus Power, a commercial-scale solar energy provider, is set to become a private entity following a definitive acquisition agreement with TPG through its TPG Rise Climate Transition Infrastructure strategy. The all-cash transaction is valued at approximately $2.2 billion, including debt. UBS and JPMorgan have both adjusted their ratings for Altus Power shares to Neutral in light of the deal. Altus Power anticipates that the partnership with TPG Rise Climate will enhance its commercial and community solar offerings by expanding access to clean electric power. In other developments, Richard Shapiro, a board member at Altus Power, has been appointed to the Board of Directors at Evolv Technologies. These are all recent developments and are of importance to investors.
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