Spruce Power (NYSE:SPRU) Stock Price Down 1.7% – Here’s What Happened

Spruce Power Holding Corporation (NYSE:SPRU)’s stock price was down 1.7% during mid-day trading on Wednesday . The company traded as low as $1.74 and last traded at $1.75. 56,809 shares were traded during mid-day trading, a decline of 25% from the average session volume of 75,987 shares. The stock had previously closed at $1.78.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised shares of Spruce Power from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, August 19th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company presently has an average rating of “Sell”.

Spruce Power Trading Down 1.7%

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 company has a 50-day simple moving average of $2.19 and a 200 day simple moving average of $3.10. The company has a market capitalization of $33.69 million, a P/E ratio of -3.89 and a beta of 1.19.

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

Insider Transactions at Spruce Power

In other news, insider Jonathan Mcwhinnie Norling sold 15,000 shares of the business’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $2.84, for a total transaction of $42,600.00. Following the transaction, the insider owned 403,252 shares in the company, valued at approximately $1,145,235.68. The trade was a 3.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 11.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Spruce Power

Hedge funds have recently made changes to their positions in the stock. Steel Partners Holdings L.P. acquired a new stake in Spruce Power during the fourth quarter worth about $16,275,000. Marshall Wace LLP acquired a new stake in shares of Spruce Power during the 4th quarter worth approximately $450,000. Renaissance Technologies LLC increased 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 valued at $969,000 after purchasing an additional 53,900 shares during the period. Two Sigma Investments LP acquired a new position in shares of Spruce Power in the third quarter valued at $119,000. Finally, State Street Corp lifted its position in Spruce Power by 103.1% in the fourth quarter. State Street Corp now owns 89,439 shares of the company’s stock worth $455,000 after purchasing an additional 45,400 shares during the period. 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.