Spruce Power (NYSE:SPRU) Share Price Crosses Above Fifty Day Moving Average – Here’s Why

Shares of Spruce Power Holding Corporation (NYSE:SPRU) crossed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $1.60 and traded as high as $1.63. Spruce Power shares last traded at $1.6050, with a volume of 267,032 shares.

Analyst Ratings Changes

Separately, Weiss Ratings downgraded shares of Spruce Power from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, October 29th. One equities research analyst has rated the stock with a Sell rating. Based on data from MarketBeat, the company currently has an average rating of “Sell”.

Spruce Power Stock Up 26.4%

The company has a debt-to-equity ratio of 3.20, a quick ratio of 0.40 and a current ratio of 0.40. The stock has a 50 day moving average of $1.60 and a 200-day moving average of $2.94. The firm has a market capitalization of $30.90 million, a P/E ratio of -3.57 and a beta of 1.30.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Squarepoint Ops LLC acquired a new position in Spruce Power during the 2nd quarter worth approximately $90,000. Steel Partners Holdings L.P. lifted its holdings in Spruce Power by 5.1% in the 1st 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. Renaissance Technologies LLC lifted its stake in Spruce Power by 29.6% in the first quarter. Renaissance Technologies LLC now owns 236,233 shares of the company’s stock worth $969,000 after acquiring an additional 53,900 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of Spruce Power by 50.1% during the 1st 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. Hedge funds and other institutional investors own 20.76% of the company’s stock.

Spruce Power Company Profile

Spruce Power Holdings Corporation (NYSE: SPRU) is a renewable energy company focused on owning and operating residential solar energy systems. The company provides homeowners with access to solar-generated electricity through long-term customer agreements, while retaining ownership of the systems and managing their ongoing operation.

Its activities include acquiring residential solar portfolios, monitoring system performance, coordinating maintenance and repairs, handling customer service and billing, and managing related contractual arrangements.