Stock Buyback Plan Declared by Spruce Power (NYSE:SPRU) Board

Spruce Power (NYSE:SPRU) announced that its board has approved a share buyback plan on Wednesday, May 14th, RTT News reports. The company plans to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 164.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Spruce Power Trading Up 21.2%

NYSE:SPRU opened at $2.15 on Friday. Spruce Power has a 52 week low of $1.42 and a 52 week high of $3.94. The company has a quick ratio of 2.75, a current ratio of 2.75 and a debt-to-equity ratio of 3.81. The company’s 50 day moving average price is $2.11 and its 200-day moving average price is $2.46. The stock has a market cap of $38.78 million, a price-to-earnings ratio of -0.42 and a beta of 1.49.

Spruce Power (NYSE:SPRU) last issued its earnings results on Wednesday, May 14th. The company reported ($0.84) earnings per share (EPS) for the quarter. Spruce Power had a negative return on equity of 23.98% and a negative net margin of 121.98%. The company had revenue of $23.82 million during the quarter.

Spruce Power Company Profile

Spruce Power Holding Corporation owns and operates distributed solar energy assets in the United States. The company provides subscription-based services for homeowners and businesses to own and maintain rooftop solar and battery storage. It offers its subscription-based services to approximately 75,000 customers.