Spruce Power (NYSE:SPRU) Posts Quarterly Earnings Results

Spruce Power (NYSE:SPRU) released its quarterly earnings data on Thursday. The company reported ($0.16) EPS for the quarter, Zacks reports. The company had revenue of $23.42 million during the quarter. Spruce Power had a negative net margin of 12.22% and a negative return on equity of 10.95%.

Spruce Power Stock Performance

Spruce Power stock traded down $0.22 during mid-day trading on Friday, hitting $2.82. 108,382 shares of the company’s stock traded hands, compared to its average volume of 57,567. The firm has a 50 day simple moving average of $3.84 and a two-hundred day simple moving average of $4.43. Spruce Power has a fifty-two week low of $1.13 and a fifty-two week high of $6.75. The stock has a market cap of $51.22 million, a price-to-earnings ratio of -3.71 and a beta of 1.22. The company has a debt-to-equity ratio of 3.86, a current ratio of 0.48 and a quick ratio of 0.49.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP bought a new position in Spruce Power during the 4th quarter worth $218,000. State Street Corp increased its position in Spruce Power by 103.1% during the 4th quarter. State Street Corp now owns 89,439 shares of the company’s stock worth $455,000 after buying an additional 45,400 shares during the period. Steel Partners Holdings L.P. bought a new position in Spruce Power during the 4th quarter worth $16,275,000. Vanguard Group Inc. increased its position in Spruce Power by 3.9% during the 3rd quarter. Vanguard Group Inc. now owns 679,844 shares of the company’s stock worth $1,666,000 after buying an additional 25,663 shares during the period. Finally, Geode Capital Management LLC increased its position in Spruce Power by 15.5% during the 4th quarter. Geode Capital Management LLC now owns 187,164 shares of the company’s stock worth $953,000 after buying an additional 25,171 shares during the period. Institutional investors own 20.76% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Spruce Power in a report on Friday, March 27th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, Spruce Power presently has a consensus 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.