Ameresco director Joseph Sutton buys $393,300 in stock

FRAMINGHAM, Mass.—Joseph W. Sutton, a director at Ameresco, Inc. (NYSE:AMRC), has increased his stake in the company through substantial stock purchases. According to a recent filing, Sutton acquired a total of 15,000 shares of Ameresco's Class A Common Stock on November 15. The shares were purchased at prices ranging from $26.00 to $26.66 per share, amounting to a total transaction value of approximately $393,300.

The acquisitions were made in two separate transactions. Sutton directly purchased 10,000 shares, while an additional 5,000 shares were acquired indirectly through Sutton Ventures LP, where Sutton serves as the managing member of the general partner.

Following these transactions, Sutton holds 35,225 shares directly and 133,355 shares indirectly. This move reflects Sutton's continued confidence in Ameresco, a company specializing in energy efficiency and renewable energy solutions.

In other recent news, Ameresco, Inc. experienced substantial growth in the third quarter of 2024, with its revenue and adjusted EBITDA increasing by over 40%. The company not only added 42 megawatts of energy assets, reaching a total of 2,000 megawatts, but also surpassed its annual guidance. The project backlog and contracted backlog rose to $4.5 billion and $1.9 billion respectively, marking a significant increase.

Key projects, such as a battery energy storage system in Silicon Valley and a geothermal infrastructure project in Louisiana, have notably contributed to Ameresco's financial success. The company reported a 49% increase in total revenue to over $0.5 billion and a 44% increase in adjusted EBITDA to $62.2 million. Despite challenges in the supply chain, Ameresco reaffirmed its 2024 guidance, projecting revenue and adjusted EBITDA growth of 27% and 35%, respectively.

CEO George Sakellaris remains optimistic about the company's momentum and the market demand for its solutions. Ameresco is also expanding its operations in Greece and Italy, reflecting the growing demand for solar projects. These are some of the latest developments in the company's journey.

InvestingPro Insights

Joseph W. Sutton's recent purchase of Ameresco (NYSE:AMRC) shares aligns with some positive indicators for the company, as highlighted by InvestingPro data and tips. Ameresco's revenue growth has been robust, with a 32.7% increase in the last twelve months and an impressive 49.45% growth in the most recent quarter. This strong performance supports the InvestingPro Tip that analysts anticipate sales growth in the current year.

Despite the recent stock price decline of 16.26% over the past month, which aligns with the InvestingPro Tip noting that the stock has fared poorly over the last month, Sutton's insider buying could be seen as a vote of confidence in the company's future prospects. This confidence is further bolstered by the fact that 9 analysts have revised their earnings upwards for the upcoming period, according to another InvestingPro Tip.

However, investors should be aware that Ameresco operates with a significant debt burden, as pointed out by an InvestingPro Tip. This factor, combined with the company's P/E ratio of 26.1, suggests that the stock is trading at a relatively high valuation compared to its near-term earnings growth potential.

For those interested in a more comprehensive analysis, InvestingPro offers 11 additional tips for Ameresco, providing a deeper understanding of the company's financial health and market position.

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