Spruce Power (NYSE:SPRU) Raised to “Sell” at Wall Street Zen

Wall Street Zen upgraded shares of Spruce Power (NYSE:SPRU) to a sell rating in a research report report published on Saturday.

Spruce Power Price Performance

SPRU stock opened at $2.06 on Friday. The company has a market capitalization of $36.63 million, a P/E ratio of -0.41 and a beta of 1.49. Spruce Power has a twelve month low of $1.42 and a twelve month high of $3.94. The business has a 50 day simple moving average of $2.00 and a 200-day simple moving average of $2.43. The company has a current ratio of 2.75, a quick ratio of 2.75 and a debt-to-equity ratio of 3.81.

Spruce Power (NYSE:SPRU) last posted its quarterly earnings data on Wednesday, May 14th. The company reported ($0.84) earnings per share for the quarter. The firm had revenue of $23.82 million during the quarter. Spruce Power had a negative net margin of 121.98% and a negative return on equity of 23.98%.

Spruce Power announced that its board has authorized a stock buyback plan on Wednesday, May 14th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to purchase up to 164.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Spruce Power

Several large investors have recently modified their holdings of SPRU. Geode Capital Management LLC lifted its holdings in shares of Spruce Power by 2.7% during the fourth quarter. Geode Capital Management LLC now owns 159,386 shares of the company’s stock worth $474,000 after purchasing an additional 4,186 shares during the period. Northern Trust Corp lifted its holdings in shares of Spruce Power by 25.8% during the fourth quarter. Northern Trust Corp now owns 32,878 shares of the company’s stock worth $98,000 after purchasing an additional 6,753 shares during the period. Millennium Management LLC acquired a new stake in shares of Spruce Power during the fourth quarter worth $34,000. Finally, Clayton Partners LLC lifted its holdings in shares of Spruce Power by 4.6% during the first quarter. Clayton Partners LLC now owns 463,335 shares of the company’s stock worth $1,117,000 after purchasing an additional 20,264 shares during the period. 20.76% of the stock is owned by institutional investors and hedge funds.

Spruce Power Company Profile

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.