Spruce Power (NYSE:SPRU) Trading Up 5.9% – Should You Buy?

Spruce Power Holding Corporation (NYSE:SPRU)’s stock price was up 5.9% during trading on Monday . The company traded as high as $4.30 and last traded at $4.2670. Approximately 267,772 shares were traded during mid-day trading, an increase of 591% from the average daily volume of 38,737 shares. The stock had previously closed at $4.03.

Wall Street Analyst Weigh In

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

Spruce Power Stock Up 0.8%

The company has a market cap of $74.33 million, a PE ratio of -2.84 and a beta of 1.35. The stock’s 50 day moving average price is $4.07 and its 200-day moving average price is $4.39. The company has a debt-to-equity ratio of 3.82, a quick ratio of 0.49 and a current ratio of 0.49.

Spruce Power (NYSE:SPRU) last announced its quarterly earnings data on Monday, March 30th. The company reported ($0.38) earnings per share (EPS) for the quarter. Spruce Power had a negative net margin of 23.28% and a negative return on equity of 20.49%. The business had revenue of $24.03 million during the quarter.

Institutional Investors Weigh In On Spruce Power

Several institutional investors have recently added to or reduced their stakes in SPRU. Virtu Financial LLC purchased a new stake in Spruce Power during the 3rd quarter valued at $31,000. XTX Topco Ltd purchased a new stake in Spruce Power during the 2nd quarter valued at $32,000. Jane Street Group LLC purchased a new stake in Spruce Power during the 2nd quarter valued at $42,000. Headlands Technologies LLC purchased a new stake in Spruce Power during the 4th quarter valued at $53,000. Finally, Goldman Sachs Group Inc. boosted its position in Spruce Power by 37.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 18,072 shares of the company’s stock valued at $92,000 after buying an additional 4,963 shares during the period. Hedge funds and other institutional investors own 20.76% of the company’s stock.

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.