Kevin Griffin, a director at Spruce Power Holding Corp (NASDAQ:SPRU), recently acquired 10,000 shares of the company’s common stock. The purchase, which took place on November 27, 2024, was made at a price of $2.3653 per share, totaling $23,653. The stock, currently trading at $2.51, has shown strong momentum with a 9% gain over the past week. According to InvestingPro analysis, the company appears undervalued despite trading at just 0.31 times book value.
Following this transaction, Griffin holds 448,125 shares indirectly, as noted in the company’s recent SEC filing. This acquisition was carried out through MGG Investment Group, LP, where Griffin serves as Chief Executive Officer and Chief Investment Officer. Despite his control over these shares, Griffin disclaims beneficial ownership, except for his proportionate pecuniary interest. With a market capitalization of $46.5 million and a healthy current ratio of 2.75, InvestingPro data reveals 12 additional key insights about the company’s financial position.
These transactions reflect adjustments due to a 1 to 8 reverse stock split by Spruce Power, effective October 6, 2023, as detailed in the filing’s footnotes. For a comprehensive analysis of SPRU’s valuation, financial health, and growth prospects, access the full Pro Research Report available exclusively on InvestingPro.
In other recent news, NJR Clean Energy Ventures (CEV), a subsidiary of New Jersey Resources (NYSE:), sold its residential solar portfolio to Spruce Power Holding Corporation for $132.5 million. This transaction involved a 91 megawatt collection of solar assets and the transfer of approximately 9,800 residential solar lease agreements. NJR expects the sale proceeds to aid in reducing corporate debt and increasing general working capital. Following this sale, CEV plans to focus on expanding its commercial solar portfolio.
Concurrently, 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 due to a non-cash goodwill impairment charge, the company is set to acquire nearly 10,000 home solar systems. However, Spruce Power adjusted its full-year 2024 operating EBITDA guidance to a midpoint of $60 million, a decrease from the previously projected $68 million, due to unforeseen operations and maintenance costs and corporate expenses.
These are the latest developments for both companies, indicating their continued commitment to growth and resilience in the solar market. Both firms are actively pursuing their respective strategies, with NJR focusing on commercial solar investments and Spruce Power seeking growth through mergers and acquisitions.
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