Spruce Power (NYSE:SPRU) Announces Earnings Results

Spruce Power (NYSE:SPRU) announced its earnings results on Tuesday. The company reported ($0.04) earnings per share (EPS) for the quarter, Zacks reports. Spruce Power had a negative return on equity of 35.22% and a negative net margin of 78.82%.

Spruce Power Trading Up 1.8%

Shares of NYSE:SPRU opened at $3.06 on Wednesday. The stock has a 50 day moving average of $2.42 and a 200 day moving average of $1.95. The company has a market cap of $54.47 million, a PE ratio of -0.73 and a beta of 1.73. Spruce Power has a 12-month low of $1.13 and a 12-month high of $3.41. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 3.76.

Hedge Funds Weigh In On Spruce Power

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its stake 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 worth $1,666,000 after purchasing an additional 25,663 shares in the last quarter. Jane Street Group LLC bought a new position in Spruce Power in the 2nd quarter worth $42,000. Finally, XTX Topco Ltd purchased a new stake in Spruce Power in the 2nd quarter worth $32,000. 20.76% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on SPRU shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Spruce Power in a research note on Wednesday, November 5th. Wall Street Zen upgraded shares of Spruce Power to a “hold” rating in a research report on Saturday, October 18th. One analyst has rated the stock with a Sell rating, According to MarketBeat, the company has an average rating of “Sell”.

About Spruce Power

Spruce Power Holding Corporation owns and operates distributed solar energy assets in the United States. The company provides subscription-based services for homeowners and businesses to own and maintain rooftop solar and battery storage. It offers its subscription-based services to approximately 75,000 customers.