In a recent transaction disclosed through an SEC Form 4 filing, Clara Nagy McBane, a director at Spruce Power Holding Corp (NASDAQ:SPRU), purchased 2,000 shares of common stock. The shares were acquired at a price of $2.40 per share, amounting to a total transaction value of $4,800. Following this acquisition, McBane's total direct ownership in the company stands at 72,755 shares. This transaction was executed on November 27, 2024, as per the filing.The purchase comes as Spruce Power, with a market capitalization of $46.5 million, trades at a notably low Price/Book ratio of 0.31. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value metrics, despite facing significant debt challenges. The stock has shown recent momentum with a 9% gain over the past week. Discover 13 additional key insights about SPRU and access comprehensive analysis with an InvestingPro subscription.
In other recent news, NJR Clean Energy Ventures, a subsidiary of New Jersey Resources (NYSE:NJR), has finalized the sale of its residential solar portfolio to Spruce Power Holding Corporation. The deal, valued at $132.5 million, involves a 91 megawatt collection of solar assets and approximately 9,800 residential solar lease agreements. The proceeds from the sale will be directed towards reducing corporate debt and enhancing general working capital. Post-sale, NJR Clean Energy Ventures will focus on expanding its commercial solar portfolio.
Simultaneously, Spruce Power reported a third-quarter revenue of $21.4 million and an operating EBITDA of $17.7 million. Despite a GAAP net loss of $53.5 million, largely due to a non-cash goodwill impairment charge, the company remains positive about its growth trajectory. Notably, Spruce Power has announced plans to acquire approximately 10,000 home solar systems, with the deal expected to close in the final quarter of 2024. The company's full-year 2024 operating EBITDA guidance was adjusted to a midpoint of $60 million, a decrease from the previously projected $68 million, attributed to unexpected operations and maintenance costs and corporate expenses. Despite facing challenges, Spruce Power maintains a strong balance sheet and a strategic growth plan, indicating the company's resilience and adaptability in the solar market. These are recent developments in the companies' operations.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.