NuScale Power (NYSE:SMR) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Key Points

• Canaccord Genuity Group has raised its target price for NuScale Power (NYSE:SMR) from $44.00 to $60.00, indicating a potential upside of 41.57% from the current price.
• NuScale Power shares rose 13.8% on the trading day, reaching a price of $42.38, with significant volume of nearly 18.7 million shares exchanged.
• Research analysts have varying ratings, with three analysts giving a Buy rating and nine giving a Hold rating, while the consensus target price stands at $36.20.

NuScale Power (NYSE:SMR - Get Free Report) had its target price raised by research analysts at Canaccord Genuity Group from $44.00 to $60.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's target price suggests a potential upside of 65.86% from the stock's current price.

A number of other equities research analysts have also recently commented on SMR. BNP Paribas Exane assumed 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 cut shares of NuScale Power from a "buy" rating to a "neutral" rating in a report on Wednesday, June 25th. Northland Capmk upgraded shares of NuScale Power to a "hold" rating in a report on Monday, July 7th. BNP Paribas upgraded shares of NuScale Power to a "hold" rating in a report on Friday, July 25th. Finally, UBS Group raised their target price on shares of NuScale Power from $34.00 to $38.00 and gave the stock a "neutral" rating in a report on Monday, August 11th. Three equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $36.20.

NuScale Power Stock Performance

Shares of NYSE:SMR traded down $4.25 during trading on Wednesday, reaching $36.18. 19,433,062 shares of the stock traded hands, compared to its average volume of 12,453,366. The stock has a 50-day moving average of $40.34 and a two-hundred day moving average of $28.49. NuScale Power has a 52-week low of $6.88 and a 52-week high of $53.50. The stock has a market cap of $10.31 billion, a P/E ratio of -30.40 and a beta of 2.03.

NuScale Power (NYSE:SMR - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.13) EPS for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.01). NuScale Power had a negative net margin of 221.07% and a positive return on equity of 2.61%. The firm had revenue of $8.05 million for the quarter, compared to analysts' expectations of $10.49 million. Sell-side analysts expect that NuScale Power will post -0.73 earnings per share for the current year.

Insider Activity at NuScale Power

In other NuScale Power news, COO Carl M. Fisher sold 18,206 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $44.39, for a total value of $808,164.34. Following the transaction, the chief operating officer directly owned 90,864 shares in the company, valued at approximately $4,033,452.96. This trade represents a 16.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Robert Ramsey Hamady sold 30,641 shares of the stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $35.59, for a total transaction of $1,090,513.19. Following the completion of the transaction, the chief financial officer owned 46,283 shares in the company, valued at $1,647,211.97. The trade was a 39.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.27% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Thurston Springer Miller Herd & Titak Inc. raised its position in NuScale Power by 84.5% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 784 shares of the company's stock worth $31,000 after acquiring an additional 359 shares during the period. Rothschild Investment LLC raised its position in NuScale Power by 45.2% in the second quarter. Rothschild Investment LLC now owns 1,125 shares of the company's stock worth $45,000 after acquiring an additional 350 shares during the period. Harbour Investments Inc. raised its position in shares of NuScale Power by 21.3% during the 2nd quarter. Harbour Investments Inc. now owns 1,156 shares of the company's stock valued at $46,000 after purchasing an additional 203 shares during the period. Delos Wealth Advisors LLC bought a new stake in shares of NuScale Power during the 2nd quarter valued at $51,000. Finally, Atlantic Union Bankshares Corp bought a new stake in shares of NuScale Power during the 2nd quarter valued at $61,000. 78.37% of the stock is currently owned by institutional investors.

NuScale Power Company Profile

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.