Hsbc Holdings PLC Trims Position in NuScale Power Corporation $SMR

Key Points

• Hsbc Holdings PLC has drastically reduced its stake in NuScale Power Corporation by 80.4%, holding only 10,490 shares valued at $149,000 after selling 42,991 shares in the first quarter.
• Recent trading activity saw corporate insiders, including CFO Robert Ramsey Hamady and COO Carl M. Fisher, significantly decrease their positions by 39.83% and 16.69%, respectively.
• An analyst report from Canaccord Genuity Group upgraded NuScale Power's price target from $44.00 to $60.00 while maintaining a "buy" rating amidst mixed reviews from other analysts.

Hsbc Holdings PLC reduced its stake in shares of NuScale Power Corporation (NYSE:SMR - Free Report) by 80.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,490 shares of the company's stock after selling 42,991 shares during the period. Hsbc Holdings PLC's holdings in NuScale Power were worth $149,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Deutsche Bank AG boosted its holdings in NuScale Power by 0.9% in the first quarter. Deutsche Bank AG now owns 76,082 shares of the company's stock valued at $1,077,000 after purchasing an additional 686 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of NuScale Power by 6.9% in the 1st quarter. Farther Finance Advisors LLC now owns 12,902 shares of the company's stock valued at $189,000 after buying an additional 833 shares during the period. Arkadios Wealth Advisors boosted its stake in shares of NuScale Power by 5.2% in the first quarter. Arkadios Wealth Advisors now owns 25,749 shares of the company's stock worth $365,000 after buying an additional 1,281 shares during the last quarter. CoreCap Advisors LLC acquired a new stake in NuScale Power during the fourth quarter worth about $33,000. Finally, Quantbot Technologies LP acquired a new stake in NuScale Power during the first quarter worth about $27,000. 78.37% of the stock is owned by institutional investors and hedge funds.

NuScale Power Stock Performance

Shares of SMR traded down $0.91 during trading hours on Wednesday, hitting $34.43. 14,987,817 shares of the stock were exchanged, compared to its average volume of 12,192,760. The stock's 50-day moving average price is $40.11 and its two-hundred day moving average price is $28.87. NuScale Power Corporation has a 12-month low of $8.15 and a 12-month high of $53.50. The company has a market cap of $9.81 billion, a price-to-earnings ratio of -28.93 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 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 2.61%. The company had revenue of $8.05 million during the quarter, compared to analyst estimates of $10.49 million. On average, research analysts expect that NuScale Power Corporation will post -0.73 earnings per share for the current year.

Insider Activity at NuScale Power

In other news, COO Carl M. Fisher sold 18,206 shares of the company's stock in a transaction 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 completion of the transaction, the chief operating officer owned 90,864 shares in the company, valued at approximately $4,033,452.96. This represents a 16.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Robert Ramsey Hamady sold 30,641 shares of the business's stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $35.59, for a total value of $1,090,513.19. Following the completion of the sale, the chief financial officer directly owned 46,283 shares of the company's stock, 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.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Northland Capmk upgraded shares of NuScale Power to a "hold" rating in a research report on Monday, July 7th. The Goldman Sachs Group set a $24.00 price target on NuScale Power and gave the company a "neutral" rating in a research note on Tuesday, May 20th. BTIG Research downgraded NuScale Power from a "buy" rating to a "neutral" rating in a research report on Wednesday, June 25th. BNP Paribas Exane began coverage on NuScale Power in a research report on Friday, July 25th. They issued a "neutral" rating and a $41.00 price objective for the company. Finally, Citigroup assumed coverage on NuScale Power in a research report on Monday, June 23rd. They set a "neutral" rating and a $46.00 target price on the stock. Three equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $36.20.

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.