NuScale Power (NYSE:SMR) Shares Up 6.6% – Here’s Why

NuScale Power Corporation (NYSE:SMR)’s share price shot up 6.6% during mid-day trading on Tuesday. The company traded as high as $8.37 and last traded at $8.1870. 7,603,405 shares traded hands during trading, a decline of 76% from the average daily volume of 31,356,100 shares. The stock had previously closed at $7.68.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SMR. UBS Group lowered shares of NuScale Power from a “neutral” rating to a “sell” rating and reduced their target price for the company from $10.00 to $6.00 in a research note on Friday, September 11th. Northland Securities set a $16.00 price objective on shares of NuScale Power in a report on Thursday, August 6th. Royal Bank Of Canada reduced their price objective on shares of NuScale Power from $14.00 to $10.00 and set a “sector perform” rating on the stock in a research note on Tuesday, August 11th. Truist Financial began coverage on shares of NuScale Power in a report on Monday, July 13th. They set a “hold” rating and a $10.00 target price for the company. Finally, Canaccord Genuity Group dropped their target price on shares of NuScale Power from $25.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have given a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $12.96.

NuScale Power Stock Performance

The business’s 50-day moving average is $9.03 and its two-hundred day moving average is $10.13. The firm has a market capitalization of $3.51 billion, a price-to-earnings ratio of -2.80 and a beta of 2.36.

NuScale Power (NYSE:SMR) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.13) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.13). NuScale Power had a negative net margin of 3,888.70% and a negative return on equity of 35.59%. The firm had revenue of $0.07 million during the quarter, compared to analysts’ expectations of $8.80 million. During the same quarter in the previous year, the company earned ($0.11) earnings per share. The business’s revenue for the quarter was down 99.1% on a year-over-year basis. Analysts forecast that NuScale Power Corporation will post -0.64 EPS for the current year.

Insider Transactions at NuScale Power

In related news, CFO Robert Hamady sold 29,880 shares of the firm’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $9.39, for a total transaction of $280,573.20. Following the sale, the chief financial officer owned 124,235 shares of the company’s stock, valued at approximately $1,166,566.65. This trade represents a 19.39% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Carl M. Fisher sold 18,771 shares of the firm’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $9.36, for a total value of $175,696.56. Following the sale, the chief operating officer directly owned 114,718 shares in the company, valued at $1,073,760.48. The trade was a 14.06% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 88,651 shares of company stock valued at $791,270 over the last three months. 1.28% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sequoia Financial Advisors LLC bought a new position in shares of NuScale Power during the 2nd quarter valued at about $126,000. WINTON GROUP Ltd bought a new stake in NuScale Power during the 2nd quarter worth approximately $392,000. Integrated Wealth Concepts LLC increased its stake in NuScale Power by 153.6% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 65,623 shares of the company’s stock worth $658,000 after purchasing an additional 39,751 shares in the last quarter. RFG Advisory LLC raised its holdings in NuScale Power by 33.1% during the 2nd quarter. RFG Advisory LLC now owns 60,622 shares of the company’s stock worth $608,000 after buying an additional 15,092 shares during the period. Finally, NewEdge Advisors LLC raised its holdings in NuScale Power by 203.3% during the 2nd quarter. NewEdge Advisors LLC now owns 146,870 shares of the company’s stock worth $1,473,000 after buying an additional 98,440 shares during the period. 78.37% of the stock is owned by institutional investors and hedge funds.

NuScale Power Company Profile

NuScale Power Corporation develops small modular reactor (SMR) technology for the generation of carbon-free electricity and process heat. Its primary product is the VOYGR SMR power plant, which is based on the company’s proprietary pressurized light-water reactor design. The plants are intended to be built from factory-produced modules and can be configured for applications including utility-scale power generation, industrial heat, hydrogen production, and water desalination.

NuScale provides reactor technology, engineering and design support, licensing assistance, and services intended to help customers develop and deploy SMR facilities.