Spruce Power (NYSE:SPRU) Insider Sells 15,000 Shares of Stock

Spruce Power Holding Corporation (NYSE:SPRU) insider Jonathan Mcwhinnie Norling sold 15,000 shares of Spruce Power stock in a transaction 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 completion of the sale, 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Spruce Power Stock Up 1.6%

NYSE SPRU traded up $0.04 during trading hours on Thursday, reaching $2.94. 38,659 shares of the company traded hands, compared to its average volume of 52,493. 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. Spruce Power Holding Corporation has a 12 month low of $1.13 and a 12 month high of $6.75. The company has a 50 day moving average of $3.31 and a two-hundred day moving average of $4.26.

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 company 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%.

Hedge Funds Weigh In On Spruce Power

A number of hedge funds have recently added to or reduced their stakes in the business. Steel Partners Holdings L.P. increased its stake in Spruce Power by 5.1% during the first quarter. Steel Partners Holdings L.P. now owns 3,360,158 shares of the company’s stock valued at $13,777,000 after purchasing an additional 162,689 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Spruce Power by 3.9% in the 3rd quarter. Vanguard Group Inc. now owns 679,844 shares of the company’s stock worth $1,666,000 after buying an additional 25,663 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Spruce Power by 29.6% in the 1st 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 during the period. Geode Capital Management LLC boosted its holdings in shares of Spruce Power by 15.5% in the 4th quarter. Geode Capital Management LLC now owns 187,164 shares of the company’s stock valued at $953,000 after buying an additional 25,171 shares during the period. Finally, State Street Corp grew its position in shares of Spruce Power by 103.1% during the 4th 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 last quarter. Institutional investors and hedge funds own 20.76% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Spruce Power in a report on Friday, March 27th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company currently has an average rating of “Sell”.

About Spruce Power

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.