Spruce Power (NYSE:SPRU) Share Price Crosses Above 50-Day Moving Average – Time to Sell?

Spruce Power Holding Corporation (NYSE:SPRU) crossed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $1.60 and traded as high as $1.63. Spruce Power shares last traded at $1.6050, with a volume of 267,032 shares.

Analyst Ratings Changes

Separately, Weiss Ratings downgraded shares of Spruce Power from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, October 29th. One investment analyst has rated the stock with a Sell rating. Based on data from MarketBeat, the company currently has a consensus rating of “Sell”.

Spruce Power Trading Up 26.4%

The company has a debt-to-equity ratio of 3.20, a quick ratio of 0.40 and a current ratio of 0.40. The company has a 50 day simple moving average of $1.60 and a two-hundred day simple moving average of $2.94. The company has a market cap of $30.90 million, a PE ratio of -3.57 and a beta of 1.30.

Spruce Power (NYSE:SPRU) last issued its earnings results on Wednesday, August 12th. The company reported $0.15 earnings per share for the quarter. The company had revenue of $30.35 million for the quarter. Spruce Power had a negative return on equity of 5.94% and a negative net margin of 6.76%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Squarepoint Ops LLC purchased a new stake in Spruce Power in the 2nd quarter worth approximately $90,000. Dimensional Fund Advisors LP grew its holdings in shares of Spruce Power by 50.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 64,390 shares of the company’s stock valued at $264,000 after acquiring an additional 21,481 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Spruce Power by 29.6% during the 1st quarter. Renaissance Technologies LLC now owns 236,233 shares of the company’s stock valued at $969,000 after acquiring an additional 53,900 shares in the last quarter. Finally, Steel Partners Holdings L.P. increased its stake in shares of Spruce Power by 5.1% in the first quarter. Steel Partners Holdings L.P. now owns 3,360,158 shares of the company’s stock worth $13,777,000 after acquiring an additional 162,689 shares during the last quarter. Institutional investors and hedge funds own 20.76% of the company’s stock.

About Spruce Power

Spruce Power Holdings Corporation (NYSE: SPRU) is a renewable energy company focused on owning and operating residential solar energy systems. The company provides homeowners with access to solar-generated electricity through long-term customer agreements, while retaining ownership of the systems and managing their ongoing operation.

Its activities include acquiring residential solar portfolios, monitoring system performance, coordinating maintenance and repairs, handling customer service and billing, and managing related contractual arrangements.