Spruce Power (NYSE:SPRU) Shares Down 1.7% – What’s Next?

Shares of Spruce Power Holding Corporation (NYSE:SPRU) traded down 1.7% during mid-day trading on Wednesday . The company traded as low as $1.74 and last traded at $1.75. Approximately 56,809 shares traded hands during mid-day trading, a decline of 25% from the average session volume of 75,987 shares. The stock had previously closed at $1.78.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised shares of Spruce Power from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, August 19th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has a consensus rating of “Sell”.

Spruce Power Stock Down 1.7%

The stock has a market capitalization of $33.69 million, a P/E ratio of -3.89 and a beta of 1.19. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 3.20. The firm’s fifty day moving average is $2.19 and its 200-day moving average is $3.10.

Spruce Power (NYSE:SPRU) last issued its quarterly earnings data on Wednesday, August 12th. The company reported $0.15 earnings per share for the quarter. The firm had revenue of $30.35 million for the quarter. Spruce Power had a negative net margin of 6.76% and a negative return on equity of 5.94%.

Insider Activity at Spruce Power

In related news, insider Jonathan Mcwhinnie Norling sold 15,000 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $2.84, for a total transaction of $42,600.00. Following the sale, the insider directly owned 403,252 shares in the company, valued at $1,145,235.68. This represents a 3.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 11.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Spruce Power

Institutional investors have recently bought and sold shares of the business. Steel Partners Holdings L.P. boosted its stake in Spruce Power by 5.1% in the first quarter. Steel Partners Holdings L.P. now owns 3,360,158 shares of the company’s stock worth $13,777,000 after purchasing an additional 162,689 shares in the last quarter. Vanguard Group Inc. grew its holdings in Spruce Power by 3.9% during the 3rd quarter. Vanguard Group Inc. now owns 679,844 shares of the company’s stock worth $1,666,000 after acquiring an additional 25,663 shares during the last quarter. Renaissance Technologies LLC grew its stake 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 purchasing an additional 53,900 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Spruce Power by 15.5% during the fourth quarter. Geode Capital Management LLC now owns 187,164 shares of the company’s stock valued at $953,000 after purchasing an additional 25,171 shares during the last quarter. Finally, State Street Corp increased its holdings in shares of Spruce Power by 103.1% in the fourth quarter. State Street Corp now owns 89,439 shares of the company’s stock valued at $455,000 after purchasing an additional 45,400 shares in the last quarter. Institutional investors own 20.76% of the company’s stock.

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.