Geode Capital Management LLC Raises Stock Position in NuScale Power Corporation $SMR

Key Points

• Geode Capital Management increased its stake in NuScale by 25.2% in Q2 to 2,854,664 shares (about $112.94M), and overall hedge funds/institutions own roughly 78.37% of the stock.
• Analyst sentiment has turned negative with several recent downgrades, a MarketBeat consensus rating of "Reduce" and an average price target of $37.50 (3 Buy / 7 Hold / 6 Sell).
• NuScale is trading near $18.66 (52-week range $11.08–$57.42) after reporting Q3 EPS of -$1.8515.03M shares (~$606M) over the past 90 days.

Geode Capital Management LLC boosted its position in shares of NuScale Power Corporation (NYSE:SMR - Free Report) by 25.2% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,854,664 shares of the company's stock after acquiring an additional 574,295 shares during the period. Geode Capital Management LLC owned 1.00% of NuScale Power worth $112,944,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Private Wealth Partners LLC increased its position in NuScale Power by 39.4% during the 2nd quarter. Private Wealth Partners LLC now owns 23,000 shares of the company's stock valued at $910,000 after buying an additional 6,500 shares in the last quarter. Truist Financial Corp grew its stake in shares of NuScale Power by 23.3% during the second quarter. Truist Financial Corp now owns 47,645 shares of the company's stock worth $1,885,000 after acquiring an additional 9,016 shares during the last quarter. Black Swift Group LLC purchased a new stake in shares of NuScale Power during the second quarter worth about $585,000. State of New Jersey Common Pension Fund D acquired a new position in shares of NuScale Power during the second quarter valued at about $2,943,000. Finally, Balboa Wealth Partners purchased a new position in shares of NuScale Power in the 2nd quarter valued at approximately $466,000. 78.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. BNP Paribas downgraded shares of NuScale Power from a "hold" rating to a "strong sell" rating in a research report on Tuesday, October 21st. BNP Paribas Exane downgraded shares of NuScale Power from a "neutral" rating to an "underperform" rating in a research note on Tuesday, October 21st. Wall Street Zen downgraded NuScale Power from a "hold" rating to a "sell" rating in a research report on Saturday, November 8th. Zacks Research lowered NuScale Power from a "hold" rating to a "strong sell" rating in a research note on Wednesday, November 12th. Finally, Bank of America reiterated an "underperform" rating and set a $34.00 price target (down previously from $38.00) on shares of NuScale Power in a research note on Tuesday, September 30th. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat, NuScale Power currently has a consensus rating of "Reduce" and an average price target of $37.50.

NuScale Power Stock Performance

NYSE SMR opened at $18.66 on Friday. NuScale Power Corporation has a fifty-two week low of $11.08 and a fifty-two week high of $57.42. The firm has a market capitalization of $5.57 billion, a P/E ratio of -6.52 and a beta of 2.03. The stock has a 50-day simple moving average of $36.98 and a two-hundred day simple moving average of $36.36.

NuScale Power (NYSE:SMR - Get Free Report) last posted its earnings results on Thursday, November 6th. The company reported ($1.85) EPS for the quarter, missing the consensus estimate of ($0.11) by ($1.74). The company had revenue of $8.24 million for the quarter, compared to analyst estimates of $11.29 million. NuScale Power had a negative return on equity of 51.27% and a negative net margin of 594.63%.The firm's revenue was up 1635.2% on a year-over-year basis. During the same period last year, the business earned ($0.18) earnings per share. As a group, analysts forecast that NuScale Power Corporation will post -0.73 earnings per share for the current year.

Insider Activity at NuScale Power

In other news, Director Corp Fluor sold 87,900 shares of NuScale Power stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $39.58, for a total transaction of $3,479,082.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders have sold 15,030,641 shares of company stock worth $605,953,415. 1.27% of the stock is owned by company insiders.

NuScale Power 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.

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