Ameresco (NYSE:AMRC) Sets New 52-Week Low – Here’s What Happened

Shares of Ameresco, Inc. (NYSE:AMRC) hit a new 52-week low during mid-day trading on Thursday. The stock traded as low as $18.09 and last traded at $19.0150, with a volume of 297,125 shares trading hands. The stock had previously closed at $21.25.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on AMRC. Oppenheimer restated a “market perform” rating on shares of Ameresco in a research note on Tuesday, August 4th. Jefferies Financial Group upgraded Ameresco to a “strong-buy” rating in a research report on Thursday, September 3rd. Cantor Fitzgerald dropped their price objective on shares of Ameresco from $44.00 to $36.00 and set an “overweight” rating on the stock in a research note on Thursday, August 27th. BNP Paribas Exane raised shares of Ameresco from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $34.00 to $40.00 in a report on Tuesday, August 4th. Finally, Canaccord Genuity Group boosted their target price on shares of Ameresco from $59.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Ameresco currently has a consensus rating of “Hold” and an average price target of $41.00.

Ameresco Price Performance

The company has a current ratio of 1.67, a quick ratio of 1.66 and a debt-to-equity ratio of 1.33. The stock has a 50-day moving average price of $21.45 and a 200 day moving average price of $26.24. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of 41.49, a PEG ratio of 1.56 and a beta of 2.50.

Insiders Place Their Bets

In other Ameresco news, CEO George P. Sakellaris bought 3,000 shares of the firm’s stock in a transaction dated Friday, August 28th. The shares were purchased at an average price of $22.13 per share, for a total transaction of $66,390.00. Following the transaction, the chief executive officer directly owned 1,013,597 shares of the company’s stock, valued at approximately $22,430,901.61. This represents a 0.30% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Joseph W. Sutton purchased 9,700 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The stock was bought at an average cost of $20.87 per share, for a total transaction of $202,439.00. Following the purchase, the director directly owned 80,246 shares in the company, valued at $1,674,734.02. This trade represents a 13.75% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 70,025 shares of company stock valued at $1,649,213 in the last three months. 45.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ameresco

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AMRC. Russell Investments Group Ltd. lifted its stake in Ameresco by 9.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 192,625 shares of the utilities provider’s stock valued at $3,989,000 after buying an additional 16,870 shares in the last quarter. Gagnon Securities LLC lifted its position in shares of Ameresco by 8.5% in the third quarter. Gagnon Securities LLC now owns 896,427 shares of the utilities provider’s stock valued at $18,565,000 after acquiring an additional 69,865 shares in the last quarter. Fulcrum Asset Management LLP lifted its position in shares of Ameresco by 217.1% in the third quarter. Fulcrum Asset Management LLP now owns 6,672 shares of the utilities provider’s stock valued at $140,000 after acquiring an additional 4,568 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Ameresco by 4.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 20,868 shares of the utilities provider’s stock worth $438,000 after acquiring an additional 832 shares during the last quarter. Finally, Candriam S.C.A. acquired a new stake in shares of Ameresco in the third quarter worth approximately $2,971,000. 99.24% of the stock is owned by hedge funds and other institutional investors.

About Ameresco

Ameresco, Inc (NYSE:AMRC) is an energy solutions and renewable energy company that develops, designs, constructs, and operates energy efficiency and infrastructure projects. Its services help public- and private-sector organizations reduce energy consumption, improve facility performance, and transition to lower-carbon energy sources.

The company’s offerings include energy-as-a-service programs, energy audits and efficiency upgrades, solar power systems, battery energy storage, microgrids, distributed energy resources, LED lighting, heating and cooling systems, and renewable natural gas projects.