Insider Buying Signals in a Volatile Solar Utility
On June 24 2025, Spruce Power Holding Corp. saw a new block of 75,000 restricted stock units (RSUs) awarded to an unnamed individual, later identified as owner Miller John P. The RSUs are priced at zero and will vest on June 24 2026, contingent on continued service. While the transaction is a grant rather than a purchase, it reflects management’s confidence in the company’s future and gives the owner a sizable, future‑locked equity stake that will become liquid in exactly one year. The fact that the award was granted on the same day as a modest 0.02 % uptick in the stock price suggests the board was trying to buoy sentiment without a significant cash outlay.
Implications for Investors
The RSU award, coupled with Miller’s prior purchase of 48,232 shares in August 2024, indicates a growing personal conviction that Spruce Power’s subscription‑based rooftop solar model will scale. Investors should note that the owner now holds 155,593 shares—more than 35 % of the 444,000 shares outstanding (based on the 2026 market cap of $93.9 m). This level of insider ownership is above the 30 % threshold that typically triggers additional scrutiny in the utilities space. If the company can sustain its current growth trajectory and turn its negative earnings multiple into a positive, the RSUs could deliver substantial upside. Conversely, if the firm’s revenue streams fail to materialise, the vesting of 75,000 shares could dilute the market and depress the share price.
What the Recent Company‑Wide Activity Reveals
The bulk of recent insider activity has come from Steel Partners Holdings GP Inc., which has purchased more than 3.2 million shares in early 2026, a staggering 30 % of the outstanding shares. Steel Partners’ aggressive buying spree, at prices just above $5, indicates strong institutional confidence in Spruce Power’s long‑term prospects, despite the negative P/E and the recent 13.5 % weekly decline. The juxtaposition of a sizeable institutional buy with a large insider grant suggests that the company is positioning itself for a strategic partnership or potential acquisition, or simply that its asset‑heavy model is attracting investors who see value in the underlying solar installations.
Miller John P. – A Profile of Commitment
Miller’s historical transactions are modest but steady. His August 2024 purchase of 48,232 shares at $0.00 (likely a grant or a discounted transaction) followed by the current 75,000 RSU award signals a long‑term horizon rather than a short‑term speculation. Unlike many insiders who sell to fund other ventures, Miller has not disclosed any sales in the past year; his holdings have grown from 128,825 shares in 2024 to 155,593 in 2025. This pattern—gradual accumulation via grants and low‑cost purchases—suggests he is a quiet backer who trusts the company’s business model and is willing to ride out the current volatility.
Looking Ahead
For traders and long‑term investors, the key takeaways are the increasing insider stake and the aggressive institutional buying. These developments hint at confidence in Spruce Power’s transition to a scalable subscription utility, but the negative earnings and price volatility cannot be ignored. Should the company successfully commercialise its rooftop solar and battery offerings and start generating positive cash flow, the RSU grant could become a lucrative event in June 2026. Until then, the stock’s price action will likely remain tethered to the broader utilities sector’s sentiment and to the ongoing narrative of renewable‑energy infrastructure investment.
| Date | Owner | Transaction Type | Shares | Price per Share | Security |
|---|---|---|---|---|---|
| 2025-06-24 | Miller John P. () | Buy | 75,000.00 | N/A | Common Stock |
