NuScale Power (NYSE:SMR) Trading 3.4% Higher – Here’s What Happened

NuScale Power Corporation (NYSE:SMR) shares traded up 3.4% on Wednesday . The company traded as high as $10.65 and last traded at $10.40. 21,463,326 shares were traded during mid-day trading, a decline of 26% from the average session volume of 29,030,625 shares. The stock had previously closed at $10.06.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Citigroup reduced their price objective on shares of NuScale Power from $9.00 to $7.00 and set a “sell” rating on the stock in a report on Monday, May 11th. Canaccord Genuity Group lowered their target price on shares of NuScale Power from $60.00 to $25.00 and set a “buy” rating for the company in a report on Friday, February 27th. Zacks Research upgraded shares of NuScale Power from a “strong sell” rating to a “hold” rating in a report on Friday, February 20th. Barclays lowered their target price on shares of NuScale Power from $45.00 to $15.00 and set an “equal weight” rating for the company in a report on Monday, February 23rd. Finally, HSBC began coverage on shares of NuScale Power in a report on Thursday, April 23rd. They issued a “hold” rating and a $13.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, NuScale Power presently has a consensus rating of “Hold” and a consensus target price of $17.85.

NuScale Power Trading Up 0.4%

The firm’s fifty day moving average price is $11.42 and its 200-day moving average price is $16.08. The firm has a market cap of $4.16 billion, a price-to-earnings ratio of -3.89 and a beta of 2.24.

NuScale Power (NYSE:SMR) last issued its earnings results on Thursday, May 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.03). The company had revenue of $0.57 million during the quarter, compared to analyst estimates of $7.00 million. NuScale Power had a negative net margin of 2,066.55% and a negative return on equity of 48.88%. The business’s revenue for the quarter was down 95.8% on a year-over-year basis. On average, sell-side analysts expect that NuScale Power Corporation will post -0.46 earnings per share for the current year.

Insider Activity

In related news, CEO John Lawrence Hopkins sold 82,667 shares of the stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $12.22, for a total transaction of $1,010,190.74. Following the completion of the sale, the chief executive officer owned 117,018 shares in the company, valued at $1,429,959.96. This represents a 41.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Clayton Scott sold 22,478 shares of the stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $12.22, for a total transaction of $274,681.16. Following the sale, the insider owned 132,852 shares of the company’s stock, valued at approximately $1,623,451.44. This represents a 14.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 40,572,082 shares of company stock worth $481,029,608 over the last 90 days. 1.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NuScale Power

A number of large investors have recently made changes to their positions in SMR. Verus Capital Partners LLC purchased a new position in NuScale Power during the 1st quarter valued at about $175,000. BankChampaign National Association acquired a new stake in shares of NuScale Power in the first quarter worth approximately $178,000. Bank of America Corp DE boosted its position in shares of NuScale Power by 33.4% in the first quarter. Bank of America Corp DE now owns 2,062,232 shares of the company’s stock worth $22,355,000 after acquiring an additional 516,097 shares during the last quarter. Janus Henderson Group PLC boosted its position in shares of NuScale Power by 23.2% in the first quarter. Janus Henderson Group PLC now owns 80,715 shares of the company’s stock worth $874,000 after acquiring an additional 15,215 shares during the last quarter. Finally, Arkadios Wealth Advisors boosted its position in shares of NuScale Power by 16.7% in the first quarter. Arkadios Wealth Advisors now owns 58,331 shares of the company’s stock worth $632,000 after acquiring an additional 8,337 shares during the last quarter. Hedge funds and other institutional investors own 78.37% of the company’s stock.

About NuScale Power

NuScale Power Corporation, trading on the NYSE American under the ticker SMR, is a pioneering developer of small modular nuclear reactors. Established in 2007 as a spinout from Oregon State University, the company is headquartered in Portland, Oregon. NuScale’s mission is to deliver zero-carbon baseload power through scalable modular reactor technology, aiming to transform traditional nuclear energy deployment.

At the core of NuScale’s offering is the VOYGR small modular reactor design, featuring 77-megawatt electric (MWe) modules with passive safety systems.