Key Points
- Insider sale: Spruce Power insider Jonathan Mcwhinnie Norling sold 15,000 shares at $2.84 each, totaling $42,600. After the transaction, he still held 403,252 shares.
- Stock and financial snapshot: SPRU was trading up 1.6% at $2.94, but the company remains well below its 52-week high of $6.75 and has a market cap of about $53.5 million. Its latest quarterly results showed a loss of $0.16 per share on revenue of $23.42 million.
- Sentiment remains weak: Weiss Ratings reiterated a sell (d-) rating, and MarketBeat reports a consensus analyst rating of Sell. Institutional ownership stands at 20.76%, with some hedge funds recently increasing positions.
Spruce Power Holding Corporation (NYSE:SPRU - Get Free Report) insider Jonathan Mcwhinnie Norling sold 15,000 shares of the stock in a transaction dated 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 approximately $1,145,235.68. This represents a 3.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Spruce Power Trading Up 1.6%
SPRU opened at $2.94 on Friday. Spruce Power Holding Corporation has a 1-year low of $1.13 and a 1-year high of $6.75. The stock has a market capitalization of $53.51 million, a PE ratio of -3.87 and a beta of 1.17. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 3.86. The firm has a 50-day moving average price of $3.31 and a two-hundred day moving average price of $4.26.
Spruce Power (NYSE:SPRU - Get Free Report) last announced its earnings results on Thursday, May 14th. The company reported ($0.16) earnings per share (EPS) for the quarter. Spruce Power had a negative return on equity of 10.95% and a negative net margin of 12.22%.The company had revenue of $23.42 million for the quarter.
Hedge Funds Weigh In On Spruce Power
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SPRU. Steel Partners Holdings L.P. grew its position in shares of Spruce Power by 5.1% during the 1st quarter. Steel Partners Holdings L.P. now owns 3,360,158 shares of the company's stock worth $13,777,000 after buying an additional 162,689 shares during the period. Renaissance Technologies LLC raised its position 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 worth $969,000 after purchasing an additional 53,900 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Spruce Power by 50.1% during the first quarter. Dimensional Fund Advisors LP now owns 64,390 shares of the company's stock worth $264,000 after purchasing an additional 21,481 shares during the period. XTX Topco Ltd bought a new position in shares of Spruce Power during the 4th quarter valued at about $137,000. Finally, Marshall Wace LLP bought a new position in shares of Spruce Power during the 4th quarter valued at about $450,000. Institutional investors own 20.76% of the company's stock.
Analyst Upgrades and Downgrades
Separately, Weiss Ratings reiterated a "sell (d-)" rating on shares of Spruce Power in a research report on Friday, March 27th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, Spruce Power has a consensus rating of "Sell".
Check Out Our Latest Stock Analysis on Spruce Power
About Spruce Power
(
Get Free Report)
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.
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