NuScale Power (NYSE:SMR) Shares Gap Down on Disappointing Earnings

NuScale Power Corporation (NYSE:SMR)’s share price gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $32.46, but opened at $29.65. NuScale Power shares last traded at $28.1910, with a volume of 7,430,989 shares.

The company reported ($1.85) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($1.74). NuScale Power had a negative net margin of 221.07% and a positive return on equity of 2.61%. The business had revenue of $8.24 million during the quarter, compared to the consensus estimate of $11.29 million. During the same period in the previous year, the firm earned ($0.18) EPS. The business’s revenue was up 1635.2% compared to the same quarter last year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on SMR shares. UBS Group raised their target price on shares of NuScale Power from $34.00 to $38.00 and gave the company a “neutral” rating in a research note on Monday, August 11th. 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 started coverage on shares of NuScale Power in a research report on Monday, September 29th. They set an “equal weight” rating and a $45.00 target price for the company. Bank of America restated an “underperform” rating and set a $34.00 price target (down from $38.00) on shares of NuScale Power in a report on Tuesday, September 30th. Finally, Citigroup reissued a “sell” rating and issued a $37.50 target price (down from $46.00) on shares of NuScale Power in a research report on Tuesday, October 21st. Three research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $37.73.

Insiders Place Their Bets

In other NuScale Power news, Director Corp Fluor sold 87,900 shares of the business’s stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $39.58, for a total transaction of $3,479,082.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 15,030,641 shares of company stock valued at $605,953,415 over the last quarter. 1.27% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SMR. CX Institutional purchased a new stake in NuScale Power in the 3rd quarter worth about $25,000. Thurston Springer Miller Herd & Titak Inc. increased its stake in NuScale Power by 84.5% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 784 shares of the company’s stock valued at $31,000 after buying an additional 359 shares during the period. Indiana Trust & Investment Management Co acquired a new stake in shares of NuScale Power during the 3rd quarter valued at $34,000. Ameritas Advisory Services LLC grew its holdings in shares of NuScale Power by 292.9% during the 3rd quarter. Ameritas Advisory Services LLC now owns 1,100 shares of the company’s stock valued at $40,000 after acquiring an additional 820 shares in the last quarter. Finally, Rothschild Investment LLC raised its holdings in shares of NuScale Power by 45.2% during the second quarter. Rothschild Investment LLC now owns 1,125 shares of the company’s stock worth $45,000 after acquiring an additional 350 shares in the last quarter. 78.37% of the stock is owned by hedge funds and other institutional investors.

NuScale Power Stock Down 15.4%

The company has a market capitalization of $7.83 billion, a price-to-earnings ratio of -23.25 and a beta of 2.03. The company has a 50-day moving average price of $39.32 and a 200-day moving average price of $35.82.

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.