NuScale Power (NYSE:SMR) Stock Price Down 6.7% – Here’s What Happened

NuScale Power Corporation (NYSE:SMR)’s share price fell 6.7% during trading on Wednesday. The stock traded as low as $7.49 and last traded at $7.4850. Approximately 7,739,631 shares traded hands during trading, a decline of 75% from the average session volume of 31,422,117 shares. The stock had previously closed at $8.02.

Key NuScale Power News

Here are the key news stories impacting NuScale Power this week:

• Positive Sentiment: Google’s 20-year nuclear power deal renewed investor interest in nuclear stocks tied to surging data-center electricity demand. NuScale benefited from the sector-wide enthusiasm, alongside Oklo and other advanced-nuclear companies. Google’s Power Deal Fuels Fresh Interest in Nuclear Stocks
• Positive Sentiment: NuScale’s partnership with ENTRA1 could support potential deployments involving the Tennessee Valley Authority, data centers and industrial customers. Progress on commercial discussions could strengthen the company’s long-term growth case. How ENTRA1 Is Supporting NuScale’s Commercial Nuclear Push

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. UBS Group cut NuScale Power from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $10.00 to $6.00 in a research note on Friday, September 11th. Northland Securities set a $16.00 target price on NuScale Power in a research note on Thursday, August 6th. Weiss Ratings restated a “sell (d-)” rating on shares of NuScale Power in a research report on Monday, September 21st. B. Riley Financial lowered their price target on NuScale Power from $19.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, August 14th. Finally, 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. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have issued a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $12.96.

NuScale Power Trading Down 6.8%

The stock has a market cap of $3.21 billion, a price-to-earnings ratio of -2.56 and a beta of 2.36. The company has a 50 day simple moving average of $9.02 and a 200-day simple moving average of $10.11.

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

Insiders Place Their Bets

In other news, Director Shinji Fujino sold 20,000 shares of NuScale Power stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $8.86, for a total value of $177,200.00. Following the sale, the director directly owned 17,242 shares in the company, valued at $152,764.12. This trade represents a 53.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Robert Hamady sold 29,880 shares of the business’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 completion of the sale, the chief financial officer directly owned 124,235 shares in the company, valued at approximately $1,166,566.65. This represents a 19.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 88,651 shares of company stock valued at $791,270 in the last quarter. 1.28% of the stock is currently owned by insiders.

Institutional Investors Weigh In On NuScale Power

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC bought a new position in shares of NuScale Power in the 1st quarter valued at about $59,141,000. Bank of America Corp DE raised its holdings in NuScale Power by 33.4% during 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 in the last quarter. Swedbank AB raised its holdings in NuScale Power by 36.3% during the first quarter. Swedbank AB now owns 1,502,300 shares of the company’s stock worth $16,285,000 after acquiring an additional 400,240 shares in the last quarter. BNP Paribas Financial Markets boosted its position in NuScale Power by 57.4% during the fourth quarter. BNP Paribas Financial Markets now owns 569,058 shares of the company’s stock valued at $8,064,000 after purchasing an additional 207,617 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in NuScale Power by 21.9% during the first quarter. Bank of New York Mellon Corp now owns 482,517 shares of the company’s stock valued at $5,230,000 after purchasing an additional 86,652 shares during the last quarter. 78.37% of the stock is currently 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.