Spruce Power (NYSE:SPRU) Issues Earnings Results

Spruce Power (NYSE:SPRU) issued its quarterly earnings data on Tuesday. The company reported ($0.04) 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 Stock Up 1.8%

SPRU stock traded up $0.06 on Tuesday, reaching $3.06. 1,034,019 shares of the company traded hands, compared to its average volume of 461,162. The firm has a fifty day simple moving average of $2.39 and a 200-day simple moving average of $1.95. The company has a market cap of $54.48 million, a P/E ratio of -0.73 and a beta of 1.73. Spruce Power has a one year low of $1.13 and a one year high of $3.41. The company has a debt-to-equity ratio of 3.76, a current ratio of 0.50 and a quick ratio of 0.50.

Hedge Funds Weigh In On Spruce Power

Several institutional investors and hedge funds have recently modified their holdings of SPRU. Vanguard Group Inc. increased its stake in Spruce Power by 3.9% during the 3rd 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. Jane Street Group LLC bought a new stake in shares of Spruce Power during the second quarter valued at approximately $42,000. Finally, XTX Topco Ltd bought a new position in Spruce Power in the 2nd quarter valued at approximately $32,000. 20.76% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Spruce Power in a research note on Wednesday, November 5th. Wall Street Zen raised 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.com, the stock presently has a consensus rating of “Sell”.

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.