Christopher M. Hayes, a director at Spruce Power Holding Corp (NYSE:SPRU), recently purchased 11,440 shares of common stock, according to a filing with the Securities and Exchange Commission. The micro-cap company, currently valued at $46.5 million, has seen its stock surge over 9% in the past week. According to InvestingPro analysis, the stock appears undervalued despite trading at just 0.31 times book value. The transaction, which took place on November 27, 2024, was executed at a weighted average price of $2.3929 per share, with the price range spanning from $2.36 to $2.44. This acquisition amounts to a total value of $27,374. Following this purchase, Hayes now holds a total of 154,170 shares in the company. InvestingPro subscribers have access to 13 additional key insights about SPRU, including detailed analysis of its debt structure and growth prospects, available in the comprehensive Pro Research Report.
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. This transaction includes a 91 megawatt collection of solar assets and approximately 9,800 residential solar lease agreements. The sale is expected to yield a gain for NJR in fiscal 2025, with proceeds aimed at reducing corporate debt and increasing working capital.
Spruce Power, on the other hand, 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, Spruce Power plans to acquire nearly 10,000 home solar systems, with the deal set to close in the fourth 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.
These are recent developments for both companies. Notably, Spruce Power aims to solidify its position as a leading owner-operator and servicer of residential solar assets, while NJR Clean Energy Ventures focuses on expanding its commercial solar portfolio post-sale. These strategic moves reflect the companies' efforts to adapt and grow in the evolving clean energy market.
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