Jonathan J. Ledecky, a director at Spruce Power Holding Corp (NASDAQ:SPRU), has acquired 2,000 shares of the company's common stock. The purchase, made on November 29, 2024, was executed at an average price of $2.5094 per share, amounting to a total transaction value of approximately $5,018. The stock, currently trading at $2.74, has shown strong momentum with a 19% gain over the past week. According to InvestingPro analysis, the company appears slightly undervalued at its current market capitalization of $47 million.
Following this transaction, Ledecky holds 47,463 shares directly. Additionally, through Ironbound Partners Fund, LLC, an affiliate, he indirectly holds 328,125 shares. It is important to note that while Ledecky has control over the shares held by Ironbound Partners Fund, LLC, he disclaims beneficial ownership except for his proportionate pecuniary interest. InvestingPro data shows the company trades at a low Price/Book ratio of 0.34, with a Financial Health Score rated as FAIR. Subscribers can access 12 additional ProTips and a comprehensive Pro Research Report for deeper insights.
These transactions reflect adjustments due to a 1 to 8 reverse stock split effective October 6, 2023, impacting the number of shares reported.
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 involves a 91 megawatt collection of solar assets and approximately 9,800 residential solar lease agreements. Post-sale, CEV plans to focus on expanding its commercial solar portfolio, which includes nearly 1 gigawatt of investment opportunities.
In related developments, Spruce Power reported third-quarter revenue of $21.4 million and an operating EBITDA of $17.7 million. Despite a GAAP net loss of $53.5 million, mainly due to a non-cash goodwill impairment charge, the company remains optimistic about its growth trajectory. Spruce Power has also adjusted 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.
These recent developments highlight both companies' strategic moves in the clean energy sector. While NJR Clean Energy Ventures is streamlining its portfolio, Spruce Power is expanding its asset base and adjusting its financial guidance to navigate unexpected costs.
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