Spruce Power (NYSE:SPRU) Shares Up 0.5% – Time to Buy?

Spruce Power Holding Corporation (NYSE:SPRU) shares were up 0.5% on Friday . The company traded as high as $2.00 and last traded at $1.96. Approximately 18,039 shares changed hands during trading, a decline of 33% from the average session volume of 27,054 shares. The stock had previously closed at $1.95.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised Spruce Power from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, July 21st. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company has an average rating of “Sell”.

Spruce Power Trading Up 0.5%

The business’s 50 day moving average is $2.58 and its two-hundred day moving average is $3.66. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 3.86. The firm has a market capitalization of $35.61 million, a P/E ratio of -2.58 and a beta of 1.16.

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

Insider Buying and Selling at Spruce Power

In other news, insider Jonathan Mcwhinnie Norling sold 15,000 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $2.84, for a total value of $42,600.00. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 11.20% of the company’s stock.

Institutional Investors Weigh In On Spruce Power

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Steel Partners Holdings L.P. lifted its position in Spruce Power by 5.1% in the first 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 during the period. Vanguard Group Inc. increased its position in shares of Spruce Power by 3.9% during the 3rd quarter. Vanguard Group Inc. now owns 679,844 shares of the company’s stock valued at $1,666,000 after purchasing an additional 25,663 shares during the period. Renaissance Technologies LLC raised its stake 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 worth $969,000 after buying an additional 53,900 shares in the last quarter. Geode Capital Management LLC raised its stake 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 worth $953,000 after buying an additional 25,171 shares in the last quarter. Finally, State Street Corp lifted its holdings in shares of Spruce Power by 103.1% in the fourth 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 period. 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.