In a recent transaction, Edwin A. Poston, a director at P10, Inc. (NYSE:PX), sold 20,724 shares of Class A Common Stock, valued at approximately $287,856. The shares were sold at a price of $13.89 each on November 26, 2024. The sale comes as P10's stock trades near its 52-week high of $14.28, having delivered an impressive 75.5% return over the past six months. According to InvestingPro analysis, technical indicators suggest the stock is currently in overbought territory.
The transaction was part of a larger movement involving the conversion of 20,724 shares of Class B Common Stock into an equivalent number of Class A shares. The shares were owned indirectly by TrueBridge Ascent LLC, with Mr. Poston serving as the manager. With a current market capitalization of $1.57 billion and a P/E ratio of 121.8, P10 trades at premium multiples. Discover more detailed valuation metrics and 13 additional key insights with InvestingPro's comprehensive research report.
Following this transaction, Mr. Poston, through TrueBridge Ascent LLC, no longer holds any Class A Common Stock from this particular conversion and sale. However, the filing notes that Mr. Poston may be considered part of a group that collectively owns more than 10% of P10's common stock.
In other recent news, P10 Inc (NYSE:PX) reported an impressive 26% year-over-year revenue increase, surpassing estimates by approximately 11%. The company's EBITDA margin was significantly higher than anticipated by analysts, thanks to its revenue outperformance and inherent business model leverage. As part of P10's strategic growth plan, the company raised and deployed $2.9 billion year-to-date, surpassing the full-year guidance.
The company also announced the acquisition of Qualitas Funds, which is expected to enhance P10's European presence and investor base. According to Stephens, a financial services firm, this merger and acquisition activity may provide ongoing opportunities for P10 Inc. Stephens also raised the price target for P10 Inc to $13, maintaining its Overweight rating on the company's stock.
These recent developments highlight P10's commitment to operational efficiencies and disciplined capital allocation strategy. Stephens anticipates a positive outlook for P10 Inc, pointing to the company's addition of $1.4 billion in gross new fee-paying assets under management and the potential of P10's incremental margin catch-up fees. P10's management remains optimistic about future growth and margin expansion, targeting mid-40s to near 50% over the long term.
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