Casella Waste (NASDAQ:CWST) Systems Inc.'s (NASDAQ:CWST) VP and Chief Accounting Officer, Kevin Drohan, has recently sold shares in the company. The transaction involved the sale of 214 Class A Common Stock shares at an average price ranging from $105.41 to $105.43, with the total value of the sale amounting to approximately $22,559.
The sale, which took place on September 3, 2024, was part of a "sell-to-cover" transaction to satisfy tax withholding obligations related to the vesting of Restricted Stock Units (RSUs) previously granted to Drohan. It's important to note that this sale was carried out under an automatic instruction set up by Drohan back on August 31, 2021, indicating that it was not a discretionary trade.
Following the sale, Kevin Drohan still owns 2,895 shares of Casella Waste Systems Inc., signifying a continued investment in the company's future. The transactions were disclosed in a Form 4 filing with the Securities and Exchange Commission (SEC), providing transparency into the trading activities of the company's insiders.
Casella Waste Systems Inc. operates in the refuse systems industry and is incorporated in Delaware. The company's shares are traded on the NASDAQ stock exchange under the ticker symbol CWST. Investors and the market at large often monitor insider sales as they can provide insights into an executive's view of the company's current valuation or future prospects.
For those interested in the specifics of the transactions, further details can be requested from the SEC, the issuer, or the security holder of the issuer, as per the footnotes in the SEC filing.
In other recent news, Casella Waste Systems saw a substantial increase in Q2 2024 revenue, up 30.2% year-over-year to $377.2 million, and adjusted EBITDA grew by 26.9% to $91.6 million. Despite unexpected costs leading to a decrease in adjusted net income to $12.5 million, the company revised its revenue and EBITDA forecasts upwards following two significant mergers and acquisitions in the mid-Atlantic region. Analyst firms Jefferies and Stifel maintained a Buy rating on Casella Waste, with Jefferies highlighting the company's $20 million investment in Boston's Material Recovery Facility and Stifel noting effective pricing strategies. Deutsche Bank (ETR:DBKGn), however, maintained a Hold rating but increased the price target due to recent financial performance and market activities. These are recent developments for Casella Waste Systems.
InvestingPro Insights
As Casella Waste Systems Inc. (NASDAQ:CWST) navigates through the refuse systems industry, financial metrics and analyses from InvestingPro offer a deeper look into the company's performance and market position. With a market capitalization of $6.09 billion, CWST is a significant player in its sector. The company's Price to Earnings (P/E) ratio stands at an elevated 315.42, reflecting a high earnings multiple that suggests investors have high expectations for future growth. Adjusting for the last twelve months as of Q2 2024, the P/E ratio is still high at 180.4, which aligns with one of the InvestingPro Tips that CWST is trading at a high earnings multiple.
On the positive side, Casella Waste Systems has demonstrated robust revenue growth, with a 27.76% increase over the last twelve months leading up to Q2 2024. Additionally, the company's revenue growth for the same quarter was an impressive 30.22%. These figures are indicative of a strong upward trajectory in terms of sales, which could be a reassuring signal for investors and potential stakeholders.
An InvestingPro Tip worth noting is that CWST's stock generally trades with low price volatility, which could be appealing to investors seeking stability in their investments. Moreover, the company's liquid assets exceed its short-term obligations, suggesting a healthy liquidity position that can support ongoing operations and potential growth initiatives.
For investors looking for more insights and detailed analysis, there are 14 additional InvestingPro Tips available for Casella Waste Systems Inc., which can be found at InvestingPro's dedicated page for CWST: https://www.investing.com/pro/CWST. These tips cover various aspects of the company's financial health and market performance, providing a comprehensive picture for those considering an investment in the company.
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