NuScale Power (NYSE:SMR) Trading Down 6.7% – Here’s What Happened

NuScale Power Corporation (NYSE:SMR) shares were down 6.7% during trading on Friday . The company traded as low as $21.30 and last traded at $21.3250. Approximately 25,673,997 shares traded hands during trading, an increase of 72% from the average daily volume of 14,925,894 shares. The stock had previously closed at $22.85.

Analyst Upgrades and Downgrades

Several research firms recently commented on SMR. BNP Paribas Exane downgraded shares of NuScale Power from a “neutral” rating to an “underperform” rating in a research note on Tuesday, October 21st. Barclays assumed coverage on shares of NuScale Power in a research report on Monday, September 29th. They issued an “equal weight” rating and a $45.00 price objective on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of NuScale Power in a report on Monday. Citigroup reissued a “sell” rating and issued a $37.50 price objective (down from $46.00) on shares of NuScale Power in a report on Tuesday, October 21st. Finally, Canaccord Genuity Group upped their price target on shares of NuScale Power from $44.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, September 3rd. Three analysts have rated the stock with a Buy rating, seven have issued a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat, NuScale Power has a consensus rating of “Reduce” and an average price target of $36.12.

NuScale Power Price Performance

The company’s 50 day simple moving average is $32.94 and its two-hundred day simple moving average is $36.35. The company has a market cap of $6.37 billion, a PE ratio of -7.46 and a beta of 2.09.

NuScale Power (NYSE:SMR) last posted its earnings results on Thursday, November 6th. The company reported ($1.85) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($1.74). The firm had revenue of $8.24 million for the quarter, compared to analyst estimates of $11.29 million. NuScale Power had a negative return on equity of 51.27% and a negative net margin of 594.63%.NuScale Power’s revenue was up 1635.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.18) EPS. Sell-side analysts expect that NuScale Power Corporation will post -0.73 EPS for the current fiscal year.

Insider Activity at NuScale Power

In other news, Director Corp Fluor sold 2,372,563 shares of the company’s stock in a transaction on Friday, September 19th. The shares were sold at an average price of $43.99, for a total value of $104,369,046.37. Following the completion of the transaction, the director owned 10,085,344 shares in the company, valued at approximately $443,654,282.56. This represents a 19.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In the last quarter, insiders sold 15,000,000 shares of company stock valued at $604,862,902. Corporate insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On NuScale Power

Several large investors have recently modified their holdings of SMR. Avantax Advisory Services Inc. grew its holdings in NuScale Power by 93.7% during the first quarter. Avantax Advisory Services Inc. now owns 30,666 shares of the company’s stock worth $434,000 after acquiring an additional 14,838 shares during the period. Cetera Investment Advisers grew its position in NuScale Power by 137.0% during the first quarter. Cetera Investment Advisers now owns 130,352 shares of the company’s stock valued at $1,846,000 after acquiring an additional 75,354 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in NuScale Power by 56.3% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,433 shares of the company’s stock worth $289,000 after purchasing an additional 7,361 shares in the last quarter. LPL Financial LLC boosted its position in shares of NuScale Power by 35.8% in the first quarter. LPL Financial LLC now owns 273,394 shares of the company’s stock worth $3,871,000 after buying an additional 72,098 shares during the period. Finally, US Bancorp DE grew its position in NuScale Power by 33.0% in the first quarter. US Bancorp DE now owns 10,969 shares of the company’s stock valued at $155,000 after acquiring an additional 2,722 shares in the last quarter. Hedge funds and other institutional investors own 78.37% of the company’s stock.

NuScale Power Company Profile

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.