Spruce Power (NYSE:SPRU) Insider Sells 15,000 Shares of Stock

Spruce Power Holding Corporation (NYSE:SPRU) insider Jonathan Mcwhinnie Norling sold 15,000 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $2.84, for a total transaction of $42,600.00. Following the completion of the sale, the insider directly owned 403,252 shares of the company’s stock, valued at $1,145,235.68. The trade was a 3.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Spruce Power Trading Up 1.6%

Shares of SPRU stock traded up $0.04 during mid-day trading on Thursday, reaching $2.94. The company’s stock had a trading volume of 38,659 shares, compared to its average volume of 52,493. 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 $53.51 million, a PE ratio of -3.87 and a beta of 1.17. The company’s 50 day simple moving average is $3.31 and its 200-day simple moving average is $4.26. Spruce Power Holding Corporation has a 12-month low of $1.13 and a 12-month high of $6.75.

Spruce Power (NYSE:SPRU) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.16) earnings per share 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.

Hedge Funds Weigh In On Spruce Power

A number of institutional investors have recently added to or reduced their stakes in the company. Steel Partners Holdings L.P. boosted its position in Spruce Power by 5.1% in the 1st quarter. Steel Partners Holdings L.P. now owns 3,360,158 shares of the company’s stock valued at $13,777,000 after buying an additional 162,689 shares during the last quarter. 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 worth $969,000 after acquiring an additional 53,900 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Spruce Power by 50.1% in the first quarter. Dimensional Fund Advisors LP now owns 64,390 shares of the company’s stock worth $264,000 after acquiring an additional 21,481 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of Spruce Power in the fourth quarter worth about $137,000. Finally, Marshall Wace LLP acquired a new stake in Spruce Power during the 4th quarter valued at approximately $450,000. Institutional investors and hedge funds own 20.76% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.