The price range for these transactions was between $2.52 and $2.66 per share. The acquisition reflects Hayes' direct ownership in the company, which specializes in electric services. The stock has shown strong momentum with a 28% gain over the past week, reaching $3.07 per share. InvestingPro analysis reveals 15 additional investment tips and a comprehensive financial health assessment for this stock. The stock has shown strong momentum with a 28% gain over the past week, reaching $3.07 per share. InvestingPro analysis reveals 15 additional investment tips and a comprehensive financial health assessment for this stock.
The price range for these transactions was between $2.52 and $2.66 per share. The acquisition reflects Hayes' direct ownership in the company, which specializes in electric services.
In other recent news, NJR Clean Energy Ventures, a subsidiary of New Jersey Resources (NYSE:NJR), has sold its residential solar portfolio to Spruce Power Holding Corporation for $132.5 million. The portfolio, which consists of a 91 megawatt collection of solar assets, will transfer approximately 9,800 residential solar lease agreements to Spruce Power. The sale is expected to result in a gain for NJR in fiscal 2025 and will be used to reduce corporate debt and bolster working capital.
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 has announced plans to acquire approximately 10,000 home solar systems by the end of 2024.
Spruce Power further adjusted its full-year 2024 operating EBITDA guidance to a midpoint of $60 million, down from the previously projected $68 million, due to unexpected operations and maintenance costs. These are recent developments in the companies' operations, indicating their strategic growth plans in the solar market.
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