Spruce Power (NYSE:SPRU) Share Price Crosses Above 50 Day Moving Average – Should You Sell?

Spruce Power Holding Corporation (NYSE:SPRU) passed above its fifty day moving average during trading on Friday. The stock has a fifty 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 trading hands.

Analysts Set New Price Targets

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

Spruce Power Price Performance

The stock has a market cap of $30.90 million, a PE ratio of -3.57 and a beta of 1.30. The company’s fifty day moving average is $1.60 and its 200 day moving average is $2.94. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 3.20.

Spruce Power (NYSE:SPRU) last posted its quarterly earnings data on Wednesday, August 12th. The company reported $0.15 EPS 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 Investors Weigh In On Spruce Power

A number of institutional investors have recently added to or reduced their stakes in SPRU. Dimensional Fund Advisors LP grew its position in Spruce Power by 50.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 64,390 shares of the company’s stock worth $264,000 after purchasing an additional 21,481 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in Spruce Power during the 2nd quarter valued at $90,000. Renaissance Technologies LLC lifted its position in 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 purchasing an additional 53,900 shares during the period. Finally, Steel Partners Holdings L.P. grew its holdings in shares of Spruce Power by 5.1% in the 1st quarter. Steel Partners Holdings L.P. now owns 3,360,158 shares of the company’s stock valued at $13,777,000 after buying an additional 162,689 shares during the period. Hedge funds and other institutional investors own 20.76% of the company’s stock.

Spruce Power Company Profile

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.