Stock Buyback Program Announced by Spruce Power (NYSE:SPRU) Board

Spruce Power (NYSE:SPRU) announced that its board has authorized a stock repurchase plan on Wednesday, May 14th, RTT News reports. The company plans to repurchase $50.00 million in shares. This repurchase authorization permits the company to reacquire up to 164.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Spruce Power Stock Performance

Spruce Power stock opened at $1.78 on Friday. The company has a debt-to-equity ratio of 3.81, a current ratio of 2.75 and a quick ratio of 2.75. The stock has a market cap of $32.18 million, a price-to-earnings ratio of -0.35 and a beta of 1.49. The firm has a 50 day simple moving average of $2.12 and a 200-day simple moving average of $2.47. Spruce Power has a 1-year low of $1.42 and a 1-year high of $3.98.

Spruce Power (NYSE:SPRU) last posted its quarterly earnings data on Wednesday, May 14th. The company reported ($0.84) earnings per share for the quarter. The company had revenue of $23.82 million for the quarter. Spruce Power had a negative return on equity of 23.98% and a negative net margin of 121.98%.

Spruce Power Company Profile

Spruce Power Holding Corporation owns and operates distributed solar energy assets in the United States. The company provides subscription-based services for homeowners and businesses to own and maintain rooftop solar and battery storage. It offers its subscription-based services to approximately 75,000 customers.