NuScale Power (NYSE:SMR) Now Covered by Analysts at Wedbush

Research analysts at Wedbush assumed coverage on shares of NuScale Power (NYSE:SMR) in a research report issued on Tuesday, Briefing.com reports. The firm set an “underperform” rating and a $5.00 price target on the stock. Wedbush‘s price objective would suggest a potential downside of 6.17% from the company’s current price.

A number of other research firms have also weighed in on SMR. Truist Financial lowered their target price on NuScale Power from $10.00 to $8.00 and set a “hold” rating for the company in a report on Thursday, October 22nd. Northland Securities set a $16.00 price target on NuScale Power in a report on Thursday, August 6th. UBS Group lowered NuScale Power from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $10.00 to $6.00 in a research report on Friday, September 11th. Canaccord Genuity Group decreased their price objective on NuScale Power from $25.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Finally, Citigroup dropped their price objective on NuScale Power from $6.50 to $4.00 and set a “sell” rating on the stock in a research report on Wednesday, October 21st. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, seven have given a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat, NuScale Power presently has a consensus rating of “Hold” and a consensus price target of $10.23.

NuScale Power Stock Down 5.2%

Shares of NuScale Power stock opened at $5.33 on Tuesday. The stock’s fifty day moving average is $7.80 and its two-hundred day moving average is $10.85. NuScale Power has a 52 week low of $5.20 and a 52 week high of $43.99. The company has a market capitalization of $2.29 billion, a PE ratio of -1.82 and a beta of 2.36.

NuScale Power (NYSE:SMR) last issued its earnings results on Wednesday, August 5th. The company reported ($0.13) EPS for the quarter, hitting analysts’ consensus estimates of ($0.13). The business had revenue of $0.07 million for the quarter, compared to analyst estimates of $8.80 million. NuScale Power had a negative net margin of 3,888.70% and a negative return on equity of 35.59%. The company’s quarterly revenue was down 99.1% compared to the same quarter last year. During the same period last year, the company posted ($0.11) earnings per share. As a group, research analysts anticipate that NuScale Power will post -0.63 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Shinji Fujino sold 20,000 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $8.86, for a total transaction of $177,200.00. Following the completion of the sale, the director owned 17,242 shares of the company’s stock, valued at $152,764.12. This represents a 53.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Carl Fisher sold 18,771 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $9.36, for a total transaction of $175,696.56. Following the sale, the chief operating officer directly owned 114,718 shares of the company’s stock, valued at $1,073,760.48. The trade was a 14.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 worth $791,270 in the last 90 days. 1.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NuScale Power

Large investors have recently made changes to their positions in the business. Renaissance Technologies LLC purchased a new stake in shares of NuScale Power during the 1st quarter valued at $59,141,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in NuScale Power during the 3rd quarter worth $12,785,000. Bank of America Corp DE grew its stake in NuScale Power by 33.4% during the 1st quarter. Bank of America Corp DE now owns 2,062,232 shares of the company’s stock worth $22,355,000 after buying an additional 516,097 shares during the last quarter. Swedbank AB grew its stake in NuScale Power by 36.3% during the 1st quarter. Swedbank AB now owns 1,502,300 shares of the company’s stock worth $16,285,000 after buying an additional 400,240 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in NuScale Power during the 1st quarter valued at about $4,336,000. 78.37% of the stock is owned by institutional investors and hedge funds.

About NuScale Power

NuScale Power Corporation develops small modular reactor (SMR) technology for producing electricity and other forms of low-carbon energy. The company’s core product is the NuScale Power Module, a compact pressurized-water reactor designed to be manufactured in a factory, transported to a site and deployed in scalable configurations.

NuScale markets its technology through the VOYGR power plant platform, which can combine multiple reactor modules to meet the needs of utilities, industrial users and other customers.