P10, Inc., a company specializing in investment advice, disclosed the resignation of two of its board members, Robert Alpert and C. Clark Webb, effective today. According to the company's recent SEC filing, the departures from the Dallas-based firm's board are not due to any disagreements regarding operations, policies, or practices.
The resignations were formally announced in an 8-K filing with the Securities and Exchange Commission, which serves as a current report for the company's significant events. P10, Inc., listed on the New York Stock Exchange under the symbol NYSE:PX, reaffirmed that the resignations were amicable, without any disputes that might concern investors or stakeholders.
The company, headquartered at 4514 Cole Avenue, Suite 1600, Dallas, Texas, operates within the investment advice sector under the SIC code 6282. As a Delaware-incorporated entity, P10, Inc. has its fiscal year-end on December 31.
As per SEC regulations, the 8-K filing is a mandatory disclosure that companies must submit to inform the public of events that shareholders and the Securities and Exchange Commission should know about. The report includes the resignations as item 5.02, covering the departure of directors or certain officers, election of directors, appointment of certain officers, and compensatory arrangements of certain officers.
In other recent news, P10 Inc (NYSE:PX). reported a 14% increase in Q2 2024 revenue, reaching $71 million, and substantial growth in fee-paying assets under management. Despite a slight 3% decrease in Fee-Related Earnings, the company raised and deployed $844 million in gross new assets, indicating a strategic focus on expansion. P10 Inc. also announced the acquisition of Madrid-based Qualitas Equity Funds SGEIC, S.A. for an initial $63 million, a move that is expected to bolster P10's European presence and expand its global client base. The transaction is anticipated to close in the first quarter of 2025.
Simultaneously, Stephens maintained an Overweight rating on P10 Inc., highlighting the company's unique market position and robust financial profile. The firm also underscored P10's future financial goals, including more than doubling its fee-paying assets under management by 2029 and achieving an EBITDA margin in the mid-50% range. However, UBS downgraded P10's stock from Buy to Neutral, citing concerns about near-term earnings potential and valuation, and expects muted Fee-Related Earnings growth for P10. These recent developments reflect P10 Inc.'s strategic expansion and potential near-term earnings concerns.
InvestingPro Insights
P10, Inc.'s recent board changes come at a time when the company is showing strong financial performance. According to InvestingPro data, P10 has a market capitalization of $1.28 billion and has demonstrated impressive growth with a 50.98% price total return over the past six months. This performance aligns with an InvestingPro Tip indicating that the company has seen a "Strong return over the last three months."
The company's stock is currently trading near its 52-week high, with the price at 98.1% of its peak. This strength is further supported by another InvestingPro Tip suggesting that P10 is "Trading near 52-week high." Despite the recent board resignations, these metrics may indicate investor confidence in the company's current trajectory.
For those interested in a deeper analysis, InvestingPro offers 7 additional tips that could provide further insights into P10's financial health and market position. These additional tips could be particularly valuable for investors looking to understand the potential impacts of the recent board changes on the company's future performance.
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