NuScale Power (NYSE:SMR) Cut to Strong Sell at Zacks Research

NuScale Power (NYSE:SMR) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Wednesday,Zacks.com reports.

SMR has been the topic of several other research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of NuScale Power in a research note on Wednesday, October 8th. Bank of America reaffirmed an “underperform” rating and set a $34.00 price target (down previously from $38.00) on shares of NuScale Power in a report on Tuesday, September 30th. Cantor Fitzgerald assumed coverage on shares of NuScale Power in a research report on Tuesday, October 21st. They issued an “overweight” rating and a $55.00 price target for the company. Royal Bank Of Canada lowered their price objective on NuScale Power from $35.00 to $32.00 and set a “sector perform” rating on the stock in a research report on Monday. Finally, Citigroup reaffirmed a “sell” rating and set a $37.50 target price (down from $46.00) on shares of NuScale Power in a research note on Tuesday, October 21st. Three equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and six have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $37.50.

NuScale Power Stock Down 2.1%

SMR traded down $0.50 during midday trading on Wednesday, hitting $22.65. 4,071,578 shares of the company traded hands, compared to its average volume of 14,196,394. The company’s 50-day moving average is $38.35 and its 200 day moving average is $36.22. The firm has a market capitalization of $6.45 billion, a PE ratio of -8.09 and a beta of 2.03. NuScale Power has a 52 week low of $11.08 and a 52 week high of $57.42.

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

Insiders Place Their Bets

In related news, Director Corp Fluor sold 87,900 shares of the stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $39.58, for a total transaction of $3,479,082.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 15,030,641 shares of company stock worth $605,953,415 over the last 90 days. 1.27% of the stock is owned by company insiders.

Institutional Trading of NuScale Power

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Harbour Investments Inc. lifted its stake in NuScale Power by 21.3% in the second quarter. Harbour Investments Inc. now owns 1,156 shares of the company’s stock worth $46,000 after acquiring an additional 203 shares during the last quarter. D.A. Davidson & CO. grew its holdings in shares of NuScale Power by 1.0% during the second quarter. D.A. Davidson & CO. now owns 20,822 shares of the company’s stock worth $824,000 after buying an additional 212 shares during the last quarter. Pasadena Private Wealth LLC increased its holdings in shares of NuScale Power by 4.9% in the third quarter. Pasadena Private Wealth LLC now owns 6,147 shares of the company’s stock valued at $221,000 after purchasing an additional 287 shares during the period. Family Capital Management Inc. raised its position in NuScale Power by 3.5% during the 3rd quarter. Family Capital Management Inc. now owns 8,682 shares of the company’s stock worth $313,000 after buying an additional 291 shares during the last quarter. Finally, Cibc World Market Inc. boosted its stake in shares of NuScale Power by 3.8% in the third quarter. Cibc World Market Inc. now owns 9,000 shares of the company’s stock valued at $324,000 after buying an additional 329 shares in the last quarter. Institutional investors and hedge funds own 78.37% of the company’s stock.

About NuScale Power

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.