Ameresco (NYSE:AMRC) Shares Down 6.5% - Here's What Happened

Ameresco, Inc. (NYSE:AMRC - Get Free Report)'s share price dropped 6.5% on Monday . The company traded as low as $20.90 and last traded at $21.16. Approximately 174,905 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 403,341 shares. The stock had previously closed at $22.63.

Analysts Set New Price Targets

AMRC has been the topic of a number of analyst reports. Stifel Nicolaus upped their target price on shares of Ameresco from $32.00 to $34.00 and gave the stock a "buy" rating in a report on Monday, November 11th. Piper Sandler raised their target price on Ameresco from $35.00 to $38.00 and gave the company an "overweight" rating in a report on Tuesday, October 22nd. Finally, StockNews.com upgraded Ameresco to a "sell" rating in a report on Tuesday, November 12th. One analyst has rated the stock with a sell rating, three have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Ameresco has an average rating of "Moderate Buy" and a consensus target price of $36.56.

Ameresco Price Performance

The firm has a 50 day moving average price of $24.33 and a two-hundred day moving average price of $28.73. The company has a market cap of $1.10 billion, a P/E ratio of 21.07, a P/E/G ratio of 0.58 and a beta of 1.79. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.26 and a current ratio of 1.27.

Insider Activity at Ameresco

In related news, Director Jennifer L. Miller sold 40,000 shares of the company's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $21.06, for a total transaction of $842,400.00. Following the sale, the director now owns 17,225 shares of the company's stock, valued at approximately $362,758.50. This represents a 69.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 42.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Ameresco

A number of large investors have recently modified their holdings of AMRC. Victory Capital Management Inc. raised its position in Ameresco by 96.8% during the fourth quarter. Victory Capital Management Inc. now owns 45,137 shares of the utilities provider's stock valued at $1,060,000 after purchasing an additional 22,197 shares in the last quarter. Nicola Wealth Management LTD. lifted its holdings in shares of Ameresco by 3.8% in the 4th quarter. Nicola Wealth Management LTD. now owns 55,000 shares of the utilities provider's stock worth $1,291,000 after acquiring an additional 2,000 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Ameresco by 0.9% during the 4th quarter. Bank of New York Mellon Corp now owns 101,730 shares of the utilities provider's stock valued at $2,389,000 after purchasing an additional 859 shares during the last quarter. Figure 8 Investment Strategies LLC bought a new stake in Ameresco in the fourth quarter worth $707,000. Finally, Allspring Global Investments Holdings LLC purchased a new stake in Ameresco during the fourth quarter valued at about $259,000. Institutional investors own 99.24% of the company's stock.

Ameresco Company Profile

Ameresco, Inc, a clean technology integrator, provides a portfolio of energy efficiency and renewable energy supply solutions in the United States, Canada, Europe, and internationally. It operates through U.S. Regions, U.S. Federal, Canada, Europe, Alternative Fuels, and All Other segments. The company offers energy efficiency, infrastructure upgrades, energy security and resilience, asset sustainability, and renewable energy solutions for businesses and organizations.