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

Spruce Power Holding Corporation (NYSE:SPRU) shares traded up 0.5% during mid-day trading on Friday . The stock traded as high as $2.00 and last traded at $1.96. Approximately 18,039 shares changed hands 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.

Analysts Set New Price Targets

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 investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Spruce Power has a consensus rating of “Sell”.

Spruce Power Stock Performance

The company has a fifty day moving average of $2.58 and a two-hundred day moving average of $3.66. The stock has a market capitalization of $35.61 million, a P/E ratio of -2.58 and a beta of 1.16. The company has a debt-to-equity ratio of 3.86, a current ratio of 0.48 and a quick ratio of 0.48.

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

Insider Activity

In related news, insider Jonathan Mcwhinnie Norling sold 15,000 shares of the firm’s 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 transaction, the insider directly owned 403,252 shares in the company, valued at $1,145,235.68. This trade represents a 3.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 11.20% of the company’s stock.

Institutional Trading of Spruce Power

Institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. lifted its position in shares of Spruce Power by 37.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 18,072 shares of the company’s stock worth $92,000 after buying an additional 4,963 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of Spruce Power in the 4th quarter valued at about $53,000. Virtu Financial LLC bought a new stake in shares of Spruce Power during the 3rd quarter valued at about $31,000. XTX Topco Ltd bought a new stake in shares of Spruce Power during the 2nd quarter valued at about $32,000. Finally, HRT Financial LP acquired a new stake in Spruce Power during the fourth quarter worth about $96,000. 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.