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

NuScale Power Corporation (NYSE:SMR)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $36.50, but opened at $38.68. NuScale Power shares last traded at $41.03, with a volume of 7,731,469 shares trading hands.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SMR. UBS Group raised their price target on NuScale Power from $17.00 to $34.00 and gave the stock a “neutral” rating in a research note on Thursday, May 29th. BTIG Research reaffirmed a “buy” rating on shares of NuScale Power in a research report on Tuesday, May 13th. The Goldman Sachs Group set a $24.00 target price on shares of NuScale Power and gave the company a “neutral” rating in a research note on Tuesday, May 20th. CLSA set a $41.00 price target on shares of NuScale Power and gave the stock an “outperform” rating in a research note on Tuesday, May 27th. Finally, Canaccord Genuity Group set a $35.00 price objective on shares of NuScale Power and gave the stock a “buy” rating in a report on Thursday, May 29th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $29.38.

NuScale Power Stock Performance

The stock’s 50-day moving average price is $25.95 and its two-hundred day moving average price is $21.82. The stock has a market capitalization of $11.75 billion, a PE ratio of -30.16 and a beta of 1.99.

NuScale Power (NYSE:SMR) last posted its quarterly earnings data on Monday, May 12th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.06. The business had revenue of $13.38 million for the quarter, compared to analyst estimates of $1.46 million. NuScale Power had a negative net margin of 273.36% and a positive return on equity of 0.09%. On average, analysts predict that NuScale Power Corporation will post -0.73 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO John Lawrence Hopkins sold 26,345 shares of the stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $23.66, for a total transaction of $623,322.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Clayton Scott sold 10,019 shares of the stock in a transaction on Monday, May 5th. The shares were sold at an average price of $16.78, for a total value of $168,118.82. Following the sale, the insider now owns 86,965 shares in the company, valued at approximately $1,459,272.70. This represents a 10.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 128,278 shares of company stock worth $2,286,280. Insiders own 1.96% of the company’s stock.

Hedge Funds Weigh In On NuScale Power

Hedge funds have recently bought and sold shares of the business. Rhumbline Advisers grew its stake in shares of NuScale Power by 9.3% in the fourth quarter. Rhumbline Advisers now owns 111,404 shares of the company’s stock worth $1,997,000 after acquiring an additional 9,485 shares during the period. Sanctuary Advisors LLC purchased a new stake in NuScale Power in the fourth quarter worth approximately $303,000. Truist Financial Corp boosted its holdings in NuScale Power by 52.5% in the fourth quarter. Truist Financial Corp now owns 26,140 shares of the company’s stock worth $469,000 after purchasing an additional 9,000 shares during the last quarter. Venturi Wealth Management LLC grew its position in NuScale Power by 313.8% in the 4th quarter. Venturi Wealth Management LLC now owns 1,978 shares of the company’s stock worth $35,000 after purchasing an additional 1,500 shares during the period. Finally, New York State Common Retirement Fund raised its stake in NuScale Power by 8.5% during the 4th quarter. New York State Common Retirement Fund now owns 24,172 shares of the company’s stock valued at $433,000 after buying an additional 1,900 shares during 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.