Canaccord Genuity Group Issues Positive Forecast for NuScale Power (NYSE:SMR) Stock Price

Key Points

• Canaccord Genuity Group has raised its price target for NuScale Power (NYSE:SMR) from $36.00 to $44.00, indicating a potential upside of 15.27%.
• NuScale Power is currently facing a decline in stock price, trading down 3.0% to $38.17, with a recent trading volume higher than its average.
• Eight analysts have assigned a "hold" rating to NuScale Power, with a consensus target price of $34.44, reflecting cautious optimism on the stock's future performance.

NuScale Power (NYSE:SMR - Get Free Report) had its price objective boosted by investment analysts at Canaccord Genuity Group from $36.00 to $44.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's price objective suggests a potential upside of 15.27% from the stock's previous close.

A number of other brokerages have also recently issued reports on SMR. CLSA set a $41.00 price target on shares of NuScale Power and gave the company an "outperform" rating in a research report on Tuesday, May 27th. BNP Paribas raised shares of NuScale Power to a "hold" rating in a report on Friday, July 25th. BNP Paribas Exane began coverage on shares of NuScale Power in a report on Friday, July 25th. They set a "neutral" rating and a $41.00 price target on the stock. BTIG Research downgraded shares of NuScale Power from a "buy" rating to a "neutral" rating in a report on Wednesday, June 25th. Finally, Northland Securities initiated coverage on shares of NuScale Power in a research report on Monday, July 7th. They set a "market perform" rating and a $35.00 price objective on the stock. Eight equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $34.44.

NuScale Power Trading Down 3.0%

Shares of NYSE:SMR traded down $1.18 during trading on Monday, reaching $38.17. The company had a trading volume of 13,723,110 shares, compared to its average volume of 11,625,858. NuScale Power has a 12 month low of $6.88 and a 12 month high of $53.50. The company has a fifty day moving average of $40.81 and a two-hundred day moving average of $26.99. The stock has a market capitalization of $10.86 billion, a P/E ratio of -32.08 and a beta of 2.06.

NuScale Power (NYSE:SMR - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.01). NuScale Power had a negative net margin of 221.07% and a positive return on equity of 2.86%. The firm had revenue of $8.05 million for the quarter, compared to analysts' expectations of $10.49 million. As a group, equities research analysts predict that NuScale Power will post -0.73 earnings per share for the current year.

Insiders Place Their Bets

In other NuScale Power news, COO Carl M. Fisher sold 18,206 shares of the firm's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $44.39, for a total value of $808,164.34. Following the transaction, the chief operating officer owned 90,864 shares in the company, valued at approximately $4,033,452.96. This trade represents a 16.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO John Lawrence Hopkins sold 26,345 shares of the firm's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $23.66, for a total value of $623,322.70. The disclosure for this sale can be found here. 1.27% of the stock is currently owned by company insiders.

Institutional Trading of NuScale Power

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in NuScale Power by 6.1% during the first quarter. Vanguard Group Inc. now owns 8,940,535 shares of the company's stock worth $126,598,000 after purchasing an additional 512,618 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in NuScale Power by 20.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,841,836 shares of the company's stock valued at $96,880,000 after purchasing an additional 1,153,158 shares in the last quarter. Geode Capital Management LLC lifted its stake in NuScale Power by 25.2% in the second quarter. Geode Capital Management LLC now owns 2,854,664 shares of the company's stock valued at $112,944,000 after buying an additional 574,295 shares during the last quarter. Samsung C&T Corp purchased a new stake in NuScale Power in the fourth quarter valued at approximately $46,745,000. Finally, Swedbank AB lifted its stake in NuScale Power by 6.7% in the first quarter. Swedbank AB now owns 2,402,125 shares of the company's stock valued at $34,014,000 after buying an additional 149,875 shares during the last quarter. 78.37% of the stock is currently owned by hedge funds and other institutional investors.

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.

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