Eric M. Tech, a director at Spruce Power Holding Corp (NASDAQ:SPRU), recently purchased 2,000 shares of the company's common stock. The micro-cap company, currently valued at approximately $51 million, trades at a notably low Price/Book ratio of 0.34. According to InvestingPro analysis, the stock appears undervalued at current levels. The transactions, executed on December 6, 2024, were made at a price of $2.8208 per share, totaling $5,641. Following these transactions, Tech directly owns 114,430 shares and indirectly holds 1,000 shares through his spouse. Additionally, 3,125 shares are held by his daughter, though he disclaims beneficial ownership of these indirectly held shares. InvestingPro subscribers can access 12 additional key insights about SPRU, including detailed financial health metrics and comprehensive Pro Research Reports that transform complex Wall Street data into actionable intelligence.
In other recent news, NJR Clean Energy Ventures (CEV), a subsidiary of New Jersey Resources (NYSE:NJR), sold its residential solar portfolio to Spruce Power Holding Corporation for $132.5 million. The transaction involved a 91 megawatt collection of solar assets and approximately 9,800 residential solar lease agreements. The sale is expected to result in a gain for NJR in fiscal 2025, with the proceeds planned to reduce corporate debt and increase working capital.
Simultaneously, Spruce Power reported a third-quarter revenue of $21.4 million and an operating EBITDA of $17.7 million. The company also revealed plans to acquire about 10,000 home solar systems, with the transaction anticipated to close in the final quarter of 2024. However, Spruce Power 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 and corporate expenses.
These recent developments highlight both companies' strategic moves within the solar market. NJR's sale reflects its focus on streamlining its clean energy portfolio, while Spruce Power's acquisition plans and adjusted EBITDA guidance demonstrate its commitment to growth despite financial challenges.
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