NuScale Power (NYSE:SMR) Hits New 52-Week Low – Here’s Why

NuScale Power Corporation (NYSE:SMR)’s stock price hit a new 52-week low during trading on Thursday. The company traded as low as $7.20 and last traded at $7.2150, with a volume of 20437412 shares trading hands. The stock had previously closed at $7.67.

Wall Street Analyst Weigh In

SMR has been the subject of a number of analyst reports. Royal Bank Of Canada cut their price target on NuScale Power from $14.00 to $10.00 and set a “sector perform” rating for the company in a report on Tuesday, August 11th. Citigroup dropped their price objective on NuScale Power from $7.50 to $6.50 and set a “sell” rating for the company in a research report on Thursday, August 6th. Weiss Ratings restated a “sell (d-)” rating on shares of NuScale Power in a report on Monday, September 21st. 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 report on Friday, September 11th. Finally, B. Riley Financial decreased their price target on shares of NuScale Power from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have assigned a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $12.96.

NuScale Power Trading Down 5.9%

The business has a 50 day simple moving average of $9.03 and a two-hundred day simple moving average of $10.07. The company has a market cap of $3.10 billion, a PE ratio of -2.47 and a beta of 2.36.

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

Insider Transactions at NuScale Power

In related news, CFO Robert Hamady sold 29,880 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $9.39, for a total value of $280,573.20. Following the sale, the chief financial officer directly 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Shinji Fujino sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $8.86, for a total transaction of $177,200.00. Following the transaction, the director directly owned 17,242 shares of the company’s stock, valued at $152,764.12. This trade represents a 53.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 88,651 shares of company stock worth $791,270 in the last three months. Company insiders own 1.28% of the company’s stock.

Institutional Trading of NuScale Power

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC lifted its position in NuScale Power by 1.8% during the 1st quarter. Parallel Advisors LLC now owns 59,898 shares of the company’s stock worth $649,000 after acquiring an additional 1,053 shares in the last quarter. Concorde Asset Management LLC grew its position in NuScale Power by 9.8% in the first quarter. Concorde Asset Management LLC now owns 12,390 shares of the company’s stock valued at $134,000 after acquiring an additional 1,110 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in NuScale Power by 14.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 11,985 shares of the company’s stock valued at $123,000 after acquiring an additional 1,468 shares in the last quarter. D.A. Davidson & CO. raised its stake in shares of NuScale Power by 4.5% during the first quarter. D.A. Davidson & CO. now owns 36,227 shares of the company’s stock valued at $393,000 after purchasing an additional 1,568 shares during the period. Finally, Strategic Advocates LLC raised its stake in shares of NuScale Power by 233.0% during the fourth quarter. Strategic Advocates LLC now owns 2,321 shares of the company’s stock valued at $33,000 after purchasing an additional 1,624 shares during the period. 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.