Spruce Power (NYSE:SPRU) Trading Up 3% – What’s Next?

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

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Spruce Power in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the company has a consensus rating of “Sell”.

Spruce Power Stock Performance

The firm has a market capitalization of $44.33 million, a P/E ratio of -3.21 and a beta of 1.16. The stock has a 50-day moving average of $2.89 and a 200 day moving average of $3.98. The company has a debt-to-equity ratio of 3.86, a quick ratio of 0.48 and a current ratio of 0.48.

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

A number of institutional investors have recently made changes to their positions in the business. Headlands Technologies LLC acquired a new position in Spruce Power during the 4th quarter worth about $53,000. Virtu Financial LLC acquired a new stake in Spruce Power in the 3rd quarter valued at about $31,000. XTX Topco Ltd acquired a new stake in Spruce Power in the 2nd quarter valued at about $32,000. Goldman Sachs Group Inc. lifted its position in shares of Spruce Power by 37.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 18,072 shares of the company’s stock worth $92,000 after purchasing an additional 4,963 shares in the last quarter. Finally, HRT Financial LP bought a new stake in shares of Spruce Power during the fourth quarter valued at approximately $96,000. 20.76% of the stock is owned by institutional investors.

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.