Spruce Power (NYSE:SPRU) Trading Up 3% – Still a Buy?

Spruce Power Holding Corporation (NYSE:SPRU) shares shot up 3% during mid-day trading on Thursday . The company traded as high as $2.44 and last traded at $2.44. Approximately 36,030 shares traded hands during mid-day trading, an increase of 4% from the average session volume of 34,811 shares. The stock had previously closed at $2.37.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings cut Spruce Power from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Spruce Power currently has a consensus rating of “Sell”.

Spruce Power Stock Up 0.4%

The company has a market cap of $43.79 million, a P/E ratio of -3.17 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. The business’s 50 day moving average price is $2.87 and its 200-day moving average price is $3.97.

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

Insider Activity at Spruce Power

In other 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 value of $42,600.00. Following the completion of the sale, the insider directly owned 403,252 shares in the company, valued at approximately $1,145,235.68. This trade represents a 3.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 11.20% of the company’s stock.

Institutional Investors Weigh In On Spruce Power

A number of hedge funds have recently added to or reduced their stakes in the stock. XTX Topco Ltd bought a new position in shares of Spruce Power in the second quarter worth about $32,000. Jane Street Group LLC bought a new stake in shares of Spruce Power during the second quarter valued at approximately $42,000. Vanguard Group Inc. increased its holdings in shares of Spruce Power by 3.9% in the third 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 in the last quarter. Two Sigma Investments LP acquired a new stake in shares of Spruce Power in the third quarter valued at approximately $119,000. Finally, Virtu Financial LLC bought a new position in Spruce Power in the 3rd quarter worth approximately $31,000. 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.