NuScale Power (NYSE:SMR) Shares Gap Up – Here’s What Happened

NuScale Power Co. (NYSE:SMR)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $30.21, but opened at $31.97. NuScale Power shares last traded at $29.74, with a volume of 2,415,540 shares.

Analysts Set New Price Targets

SMR has been the subject of several research reports. Craig Hallum increased their price target on shares of NuScale Power from $16.00 to $21.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. CLSA initiated coverage on shares of NuScale Power in a report on Friday, September 13th. They issued an “outperform” rating and a $11.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $10.39.

NuScale Power Price Performance

The firm has a market cap of $7.12 billion, a P/E ratio of -28.93 and a beta of 1.12. The business’s fifty day simple moving average is $17.40 and its 200-day simple moving average is $12.20. The company has a current ratio of 2.24, a quick ratio of 2.24 and a debt-to-equity ratio of 0.26.

Insider Buying and Selling

In related news, insider Robert K. Temple sold 5,000 shares of NuScale Power stock in a transaction on Friday, September 13th. The stock was sold at an average price of $9.57, for a total transaction of $47,850.00. Following the completion of the sale, the insider now owns 14,054 shares of the company’s stock, valued at approximately $134,496.78. This trade represents a 26.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Robert Ramsey Hamady sold 19,242 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total value of $153,551.16. Following the completion of the sale, the chief financial officer now directly owns 57,681 shares in the company, valued at approximately $460,294.38. The trade was a 25.01 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 428,293 shares of company stock valued at $5,679,222. Corporate insiders own 1.96% of the company’s stock.

Hedge Funds Weigh In On NuScale Power

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Swedbank AB bought a new position in shares of NuScale Power during the 1st quarter valued at $18,585,000. Van ECK Associates Corp purchased a new stake in NuScale Power during the 2nd quarter valued at about $7,600,000. Charles Schwab Investment Management Inc. grew its position in NuScale Power by 212.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 677,248 shares of the company’s stock worth $7,843,000 after acquiring an additional 460,487 shares during the last quarter. Geode Capital Management LLC increased its stake in NuScale Power by 21.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,829,843 shares of the company’s stock worth $21,194,000 after purchasing an additional 317,285 shares during the period. Finally, TimesSquare Capital Management LLC purchased a new stake in shares of NuScale Power during the third quarter valued at approximately $2,895,000. Hedge funds and other institutional investors own 15.28% of the company’s stock.

About NuScale Power

NuScale Power Corporation engages in the development and sale of modular light water reactor nuclear power plants to supply energy for electrical generation, district heating, desalination, hydrogen production, and other process heat applications. It offers NuScale Power Module (NPM), a water reactor that can generate 77 megawatts of electricity (MWe); and VOYGR power plant designs for three facility sizes that are capable of housing from one to four and six or twelve NPMs.