In a recent transaction, Eric M. Tech, a director at Spruce Power Holding Corp (NASDAQ:SPRU), acquired 2,000 shares of the company's common stock. The purchase, which took place on December 2, 2024, was made at a price of $2.55 per share, amounting to a total of $5,100. The stock has since risen to $3.07, showing strong momentum with a 28% gain over the past week. According to InvestingPro analysis, the company trades at a notably low Price/Book ratio of 0.38. Following this acquisition, Tech holds 113,430 shares directly.
Additionally, the Form 4 filing indicates that Tech's daughter holds 3,125 shares, though he disclaims beneficial ownership of these shares. Notably, the reported share amounts reflect a 1 to 8 reverse stock split that became effective on October 6, 2023.
In other recent news, NJR Clean Energy Ventures (CEV), a subsidiary of New Jersey Resources (NYSE:NJR), has sold its residential solar portfolio to Spruce Power Holding Corporation for $132.5 million. The deal involves a 91 megawatt collection of solar assets and approximately 9,800 residential solar lease agreements, with no change in service for current homeowners. CEV expects a gain from the sale, set to be recorded in fiscal 2025, to support reducing corporate debt and increasing working capital. Following the sale, CEV plans to expand its commercial solar portfolio, which currently includes a pipeline of nearly 1 gigawatt of investment opportunities.
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 optimistic about its growth trajectory. Spruce Power also announced plans to acquire approximately 10,000 home solar systems, with the deal expected to close in the final quarter of 2024.
These are recent developments in the companies' operations. Spruce Power has also revised its full-year 2024 operating EBITDA guidance to a midpoint of $60 million, a decrease from the previously projected $68 million, due to unexpected operations and maintenance costs and corporate expenses. Despite these challenges, Spruce Power maintains a strong balance sheet and a strategic growth plan, indicating resilience and adaptability in the solar market.
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