Spruce Power (NYSE:SPRU) Shares Up 0.5% – Here’s What Happened

Spruce Power Holding Corporation (NYSE:SPRU)’s share price rose 0.5% during trading on Friday . The stock traded as high as $2.00 and last traded at $1.96. 18,039 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 27,054 shares. The stock had previously closed at $1.95.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised shares of Spruce Power from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, July 21st. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Sell”.

Spruce Power Stock Up 0.5%

The business’s 50 day simple moving average is $2.58 and its 200 day simple moving average is $3.66. The company has a market capitalization of $35.61 million, a PE ratio of -2.58 and a beta of 1.16. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 3.86.

Spruce Power (NYSE:SPRU) last released its earnings results on Thursday, May 14th. The company reported ($0.16) earnings per share for the quarter. The firm had revenue of $23.42 million during the quarter. Spruce Power had a negative return on equity of 10.95% and a negative net margin of 12.22%.

Insider Buying and Selling

In related news, insider Jonathan Mcwhinnie Norling sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $2.84, for a total value of $42,600.00. Following the completion of the transaction, the insider owned 403,252 shares of the company’s stock, valued at approximately $1,145,235.68. This trade represents a 3.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 11.20% of the company’s stock.

Institutional Trading of Spruce Power

Several large investors have recently added to or reduced their stakes in the company. Steel Partners Holdings L.P. purchased a new stake in shares of Spruce Power in the fourth quarter valued at $16,275,000. Marshall Wace LLP purchased a new position in shares of Spruce Power during the fourth quarter valued at $450,000. Renaissance Technologies LLC grew its holdings in shares of Spruce Power by 29.6% during the first quarter. Renaissance Technologies LLC now owns 236,233 shares of the company’s stock valued at $969,000 after buying an additional 53,900 shares in the last quarter. Two Sigma Investments LP acquired a new position in Spruce Power during the third quarter valued at $119,000. Finally, State Street Corp raised its position in Spruce Power by 103.1% during the fourth quarter. State Street Corp now owns 89,439 shares of the company’s stock valued at $455,000 after buying an additional 45,400 shares during the period. 20.76% of the stock is owned by institutional investors and hedge funds.

Spruce Power Company Profile

Spruce Power is a renewable energy company that specializes in the ownership, operation and management of distributed solar energy assets. The company partners with solar developers to acquire residential and small-commercial solar portfolios, providing long-term performance monitoring, maintenance and customer support for system owners. By focusing on turnkey asset management, Spruce Power enables homeowners and businesses to benefit from solar power without the upfront risks and responsibilities of system ownership.

Headquartered in San Francisco, California, Spruce Power was founded in 2009 and has grown through strategic acquisitions and partnerships.