Exploring Ameresco, Inc. (AMRC) Investor Profile: Who’s Buying and Why?

You're looking at Ameresco, Inc. (AMRC) and wondering why the institutional money is piling in, especially as the stock price sits around the $37.44 per share mark as of early November 2025. The short answer is simple: they're buying the backlog, and it's massive. We're not talking about small funds; firms like BlackRock, Inc. and Wellington Management Group Llp are major players here, with Wellington adding a staggering 2,981,689 shares in the third quarter of 2025 alone, pushing institutional ownership to over 101% of the float. This accumulation is a direct vote of confidence in Ameresco's ability to convert its record total project backlog of $5.1 billion into revenue, which is why management reaffirmed its full-year 2025 guidance of $1.9 billion in revenue and $235 million in Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization). But, honestly, what this estimate hides is the true risk-reward of a company thriving on the secular trend of energy infrastructure and grid resiliency-so, are these funds seeing a defintely clear path to the average analyst price target of over $31.33, or is the market underpricing the complexity of converting that huge backlog into profit?

Who Invests in Ameresco, Inc. (AMRC) and Why?

If you are looking at Ameresco, Inc. (AMRC), you are defintely in good company. The investor base is overwhelmingly institutional, meaning large funds and asset managers drive the stock's movement, and their motivation is clear: long-term, secular growth in clean energy infrastructure.

Key Investor Types: The Institutional Dominance

The investor profile for Ameresco, Inc. (AMRC) is highly concentrated among institutional players. These are the large, sophisticated entities-mutual funds, pension funds, and asset managers like BlackRock, Inc. and Vanguard Group Inc.-that manage trillions of dollars. This high concentration means the stock is less susceptible to the emotional swings of retail trading, but it can see sharp moves when a few major funds decide to rebalance their positions.

For context, institutional investors own approximately 61.59% of the shares outstanding. This is a significant figure, showing that big money has conviction in the company's business model. As of the third quarter of 2025, Ameresco, Inc. had around 378 institutional owners. Their collective holdings amounted to over 40.2 million shares. The retail investor presence, while important, is a smaller piece of this pie.

Here's the quick math on the top institutional holders, based on Q3 2025 filings:

• Wellington Management Group LLP: Held over 4.7 million shares.
• Grantham, Mayo, Van Otterloo & Co. LLC: Held over 3.2 million shares.
• BlackRock, Inc.: Held over 2.4 million shares.

Investment Motivations: Growth, Resilience, and Backlog

Investors are drawn to Ameresco, Inc. (AMRC) for three main reasons: its market position, its financial resilience, and its sheer growth potential. This isn't a dividend stock; the company is reinvesting capital to fuel expansion, which is why it does not pay a regular dividend. The focus is squarely on capital appreciation.

The primary attraction is the immense growth opportunity in the energy transition sector. Ameresco, Inc. is a cleantech integrator, meaning it handles everything from energy efficiency upgrades to developing renewable natural gas (RNG) assets. This is critical for investors seeking exposure to environmental, social, and governance (ESG) themes. The company's total revenue visibility stands at nearly $10 billion, which is a massive number that gives long-term holders confidence.

The near-term driver is the project backlog. As of Q3 2025, the total project backlog hit a record $5.1 billion. This backlog is essentially guaranteed future revenue, and converting it is the core catalyst for the stock. For the full fiscal year 2025, management has reaffirmed revenue guidance at a midpoint of $1.9 billion and Adjusted EBITDA at a midpoint of $235 million, underscoring this strong pipeline.

You can see the strategic alignment in documents like the Mission Statement, Vision, & Core Values of Ameresco, Inc. (AMRC), which reinforces the long-term, infrastructure-focused narrative that institutions buy into.

Investment Strategies: The Long-Term vs. The Active Manager

The strategies at play among Ameresco, Inc. (AMRC) investors are a mix of long-term holding and more active, growth-oriented trading. Given the high institutional ownership, a significant portion of the stock is held by passive funds (like Vanguard Group Inc.'s index funds) and long-term growth funds that view Ameresco as a multi-year play on decarbonization and grid resilience.

However, the trading activity shows a more dynamic picture. In the third quarter of 2025, for example, we saw Wellington Management Group LLP increase its position by a staggering 170.0%, adding nearly 3 million shares. Conversely, First Trust Advisors LP reduced its position by 90.0%, removing over 1.5 million shares. This tells you two things:

• Long-Term Growth: Core holders are betting on the conversion of the $5.1 billion backlog and the recurring revenue from energy assets, which accounted for 68% of Q3 2025 Adjusted EBITDA.
• Active/Momentum Investing: Other funds are actively managing their exposure, either taking profits after a strong run or rotating capital based on short-term project timing risks and supply chain pressures.

The stock's performance-a 59% year-to-date rise as of early November 2025-demonstrates that momentum traders and growth-at-a-reasonable-price (GARP) investors are actively engaged. The key action for you is to understand which camp you are in: are you buying for the next two decades of energy transition, or are you looking to capitalize on project-conversion milestones?

Institutional Ownership and Major Shareholders of Ameresco, Inc. (AMRC)

You want to know who is buying Ameresco, Inc. (AMRC) and why, especially with the stock showing recent momentum. The short answer is that large institutional money managers are the primary holders, and while some are pulling back, others are making enormous, high-conviction bets based on the company's strong Q3 2025 performance and its position in the growing clean energy infrastructure market.

As of the most recent filings, institutional investors collectively hold approximately 61.59% of Ameresco's shares outstanding, amounting to about 32.46 million shares. This is a high level of institutional ownership, which means the stock's price movements are heavily influenced by the decisions of a few very large players. It's a double-edged sword: high ownership signals professional confidence, but it can also lead to sharp volatility if a major holder decides to liquidate a large position.

The total value of these institutional holdings is significant, nearing $1.086 billion based on recent market data.

The Top Institutional Investors: Who Holds the Keys?

When you look at the largest shareholders, you see the titans of the asset management world. These are the firms that manage trillions of dollars for pension funds, endowments, and mutual funds, and their presence validates Ameresco's long-term strategy as a cleantech integrator and renewable energy asset developer. The top holders are a mix of passive index funds and active managers, which is defintely a healthy sign.

Here are the top institutional investors in Ameresco, Inc. (AMRC) as reported in their most recent filings from Q3 2025:

The big takeaway here is the massive accumulation by Wellington Management Group Llp, which added nearly 3 million shares in the third quarter of 2025. That's a huge vote of confidence, signaling a strong belief in the company's future earnings power.

Recent Shifts: Why Institutions Are Moving Their Stakes

The third quarter of 2025 saw a fascinating dynamic: more institutions decreased their positions than increased them, but the total dollar inflow was much higher than the outflow. Specifically, 87 institutional investors added shares, but 116 decreased their positions. However, total institutional inflows over the last 12 months were approximately $321.24 million, significantly outpacing the $203.33 million in outflows.

This tells you that while a larger number of smaller funds might be taking profits or rebalancing, the largest funds are making substantial new investments. The buying is concentrated and aggressive.

• Aggressive Buyers: Wellington Management Group Llp led the charge, adding 2,981,689 shares, valued at an estimated $100.1 million in Q3 2025 alone. Royce & Associates LP also increased its stake by an impressive 197.6%, adding 640,106 shares.
• Significant Sellers: First Trust Advisors LP was a major seller, removing 1,598,436 shares, a -90.0% reduction, while Grantham, Mayo, Van Otterloo & Co. LLC cut its position by -16.7%.

The core reason for this buying is Ameresco's operational strength. The company reported Q3 2025 revenue of $526 million and earnings per share (EPS) of $0.35, beating analyst expectations. This strong performance, coupled with major contract wins in clean energy infrastructure, is what drives the conviction buys. You can see how this aligns with the Mission Statement, Vision, & Core Values of Ameresco, Inc. (AMRC).

The Impact on Stock Price and Corporate Strategy

Institutional investors are not passive bystanders; they are the engine behind a stock's valuation and often a powerful influence on corporate direction. When a firm like Wellington Management Group makes a $100 million bet, it sends a clear signal to the market: the risk/reward profile has improved dramatically.

For Ameresco, Inc., the high institutional ownership and the recent accumulation suggest a few key impacts:

• Stock Price Stability (and Volatility): High ownership can stabilize the stock during routine market dips, as institutions are less likely to panic sell than retail investors. But, when a major holder like First Trust Advisors LP exits a large chunk of their position, it can create a sharp, near-term drop, as we saw with their -90.0% reduction.
• Strategic Alignment: Large, active investors often engage with management on capital allocation, environmental, social, and governance (ESG) factors, and long-term strategy. The focus on recurring revenue streams, which accounted for 68% of the Q3 2025 Adjusted EBITDA of $70.4 million, is a strategic move that institutional investors love because it provides stability. They push for business models that generate predictable cash flow.
• Valuation Support: The strong Q3 results and reaffirmed 2025 guidance, projecting robust year-end performance, are what justify the recent price momentum. The institutional accumulation is essentially the smart money agreeing with the company's narrative: that its pipeline boom in areas like data centers and microgrid projects will drive future revenue and margin expansion.

Here's the quick math: Ameresco's share price rose about 16.45% between November 2024 and November 2025, a period marked by significant institutional shuffling. The institutional conviction is directly fueling this price appreciation. Your next action should be to look at the Q4 2025 guidance, which the company expects to be strong, and see if the institutional buying continues into the next reporting cycle.

Key Investors and Their Impact on Ameresco, Inc. (AMRC)

If you are looking at Ameresco, Inc. (AMRC), the first thing to understand is that institutional money drives the stock. About 61.84% of the company is owned by institutional shareholders, which means major funds, pension plans, and endowments hold the reins. This is a double-edged sword: it provides stability and validation, but it also means the stock can move sharply when these big players rebalance their portfolios.

The investor profile is a mix of passive giants and active managers, all betting on the long-term tailwinds in clean energy infrastructure. The total value of these institutional holdings is significant, sitting at approximately $1.086 billion as of Q3 2025. This concentration of ownership is a clear signal that the market views Ameresco, Inc.'s project backlog-which hit $5.1 billion in Q3 2025-as a high-quality, long-duration asset. Honestly, the sheer size of that backlog is what keeps these funds interested.

The Anchor Investors: Who Holds the Largest Stakes?

The largest institutional holders of Ameresco, Inc. (AMRC) are a list of names you'd defintely expect to see in a growing, yet volatile, cleantech company. These are the anchor investors, the ones whose sheer size makes their movements particularly impactful. They are generally passive investors, filing a Schedule 13G, which signals they hold over 5% of the company but do not intend to actively change the business strategy.

The table below shows the top institutional holders based on their Q3 2025 13F filings, giving you a clear picture of who is placing the biggest bets.

Here's the quick math: Vanguard Group Inc and BlackRock, Inc., two of the largest index fund managers globally, together hold nearly 10% of the company. Their presence ensures a baseline demand for the stock, but their passive nature means they are less likely to intervene in management decisions unless performance significantly trails their benchmarks.

Insider Influence and Recent Noteworthy Moves

The other major player is the insider group, which owns about 18.62% of Ameresco, Inc. (AMRC). The most influential individual is co-founder, Chairman, President, and CEO, George P. Sakellaris, who holds a substantial stake. This high level of insider ownership is a positive signal, aligning management's interests directly with shareholder returns. When the CEO owns that much, they are thinking like an owner, not just an employee.

In terms of recent activity, Q3 2025 saw some notable, and frankly, dramatic shifts among the institutions:

• Wellington Management Group LLP made a massive bet, adding 2,981,689 shares, a surge of over 170.0% in their position. This single move, valued at an estimated $100.1 million, is a powerful vote of confidence in Ameresco, Inc.'s Q3 2025 results, which showed strong revenue and net income growth.
• First Trust Advisors LP went the other way, removing 1,598,436 shares, a reduction of about 90.0% of their holding, valued at roughly $53.7 million. This could signal a tactical rotation out of the stock following its strong year-to-date rise of 59% through early November 2025.
• ROYCE & ASSOCIATES LP also significantly increased their position, adding 640,106 shares, a jump of nearly 197.6%.

These large-scale, opposing moves are typical in a stock that has seen significant momentum and positive Q3 earnings-Revenue of $526.0 million and Net Income of $18.5 million-but still faces questions about valuation. Some funds are taking profits, while others are initiating or building positions based on the reaffirmed 2025 guidance of $1.9 billion in revenue and $235 million in Adjusted EBITDA at the midpoints. For more on the company's foundation and business model, you can review Ameresco, Inc. (AMRC): History, Ownership, Mission, How It Works & Makes Money.

Investor Influence and Actionable Takeaways

The influence of these investors is primarily through market signaling and capital availability. When a fund like Wellington Management Group LLP buys heavily, it validates the stock's narrative, drawing in other investors and providing a floor for the share price. Conversely, large selling pressure, even from a fund like First Trust Advisors LP, can create near-term volatility, which you can use as a buying opportunity if you believe in the long-term fundamentals.

What this estimate hides is the potential for supply chain disruptions and regulatory unpredictability to slow project execution, which could dampen future earnings momentum. So, you need to watch the conversion rate of their backlog closely.

Your Next Step: Track the next round of 13F filings (Q4 2025, due early 2026) to see if the net institutional buying trend continues. Look specifically for further accumulation by the new major buyers like Wellington Management Group LLP, as a sustained trend would confirm the institutional conviction in Ameresco, Inc.'s ability to execute on its $5.1 billion project backlog.

Market Impact and Investor Sentiment

You want to know who is buying Ameresco, Inc. (AMRC) and why, and the quick takeaway is that institutional investors are net sellers but the stock is enjoying a significant rebound driven by strong 2025 earnings beats and a growing project backlog. The underlying sentiment is shifting from cautious to moderately bullish, fueled by the company's pivot toward more stable, high-margin energy assets.

The institutional ownership of Ameresco, Inc. (AMRC) is high, sitting at approximately 101.61% of the float, but the recent activity is mixed. In the third quarter of 2025 (Q3 2025), we saw a higher number of institutions-115-decreasing their positions compared to the 82 that added shares. This divergence signals a healthy debate among large money managers about the stock's near-term valuation versus its long-term growth story in the clean energy sector.

Here's the quick math: Wellington Management Group LLP was a major buyer, adding 2,981,689 shares in Q3 2025, a massive increase of 170.0%, valued at an estimated $100.1 million. But to be fair, First Trust Advisors LP removed 1,598,436 shares, a 90.0% reduction, showing some significant profit-taking or a rotation out of the name. Insider trading is also a point of caution, with 11 sales and zero purchases by executives in the last six months, suggesting some internal de-risking despite the positive company news. That's a defintely a signal to watch.

The market's reaction to recent financial news has been decisively positive, marking a clear turnaround from earlier in the year. Following the strong Q2 2025 earnings report, Ameresco's stock saw a remarkable surge of over 40%, driven by an earnings per share (EPS) of $0.27, which blew past the consensus forecast of only $0.07. Similarly, the Q3 2025 results, announced in November, saw the stock rise by 1.21% in regular trading and another 2.25% after-hours, as revenue hit $526.0 million and Non-GAAP EPS reached $0.35, exceeding analyst expectations.

Still, you have to remember the volatility. Earlier in 2025, a cautious outlook on its federal projects business caused the shares to plunge by 10.5%, even though the company beat Q4 2024 expectations. The stock's 65% gain over the last 90 days, however, shows that the recent string of strong execution and reaffirmed guidance has restored investor confidence.

Wall Street analysts are now leaning into the positive momentum, giving Ameresco, Inc. (AMRC) a consensus rating of 'Moderate Buy.' Out of 12 analysts covering the stock, there are 7 'Buy' and 1 'Strong Buy' ratings, with only one 'Sell.' This reflects a belief that the company's strategic shift is paying off.

The average 12-month price target from analysts is around $36.00, with the highest targets reaching $45.00. This optimism is grounded in the company's reaffirmed 2025 full-year guidance, which projects revenue between $1.85 billion and $1.95 billion and adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) at a midpoint of approximately $235 million. Analysts see Ameresco's growing total project backlog of $5.1 billion as a clear indicator of future revenue visibility, especially as the mix shifts toward higher-margin energy assets.

• Wellington Management Group LLP added 2.98 million shares in Q3 2025.
• Analyst consensus is 'Moderate Buy' with an average price target of $36.00.
• Q3 2025 Non-GAAP EPS of $0.35 beat forecasts by over 45%.
• Total project backlog stands at a robust $5.1 billion.

What this estimate hides is the valuation debate. Some analysts see the stock as 18.2% undervalued with a fair value around $41.22, citing the benefit of government incentives like the Inflation Reduction Act (IRA) boosting project economics. Others argue the stock is already slightly overvalued by about 7.8%. The key for Ameresco is proving it can consistently convert that massive backlog into cash flow and sustain margins above 15%. You can find more details on the company's long-term strategy here: Mission Statement, Vision, & Core Values of Ameresco, Inc. (AMRC).

Here is a snapshot of the company's reaffirmed 2025 financial guidance and recent performance:

The impact of key investors, such as the major institutional additions and subtractions, is primarily seen through the lens of execution risk. When a large fund like Wellington Management Group LLP makes a massive bet, it signals confidence in the management's ability to execute on the $5.1 billion backlog, especially the shift to higher-margin battery storage and data center projects. Conversely, large sales indicate concern over the company's ability to maintain margins, manage supply chain issues, or navigate the political landscape affecting federal contracts. The next concrete step for you is to monitor the Q4 2025 earnings call for any changes to the 2026 outlook; that will be the real test of long-term conviction.