State of New Jersey Common Pension Fund D Makes New $2.94 Million Investment in NuScale Power Corporation $SMR

Key Points

• The State of New Jersey Common Pension Fund D invested approximately $2.94 million in NuScale Power Corporation by acquiring 74,386 shares during the second quarter.
• NuScale Power reported a loss of $0.13 per share for the last quarter, falling short of analysts' estimates, with revenue at $8.05 million against a $10.49 million expectation.
• After significant insider selling, including a 19.04% decrease in shares owned by Director Corp Fluor, insiders have sold over 15 million shares worth approximately $606 million within the past 90 days.

State of New Jersey Common Pension Fund D purchased a new position in shares of NuScale Power Corporation (NYSE:SMR - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 74,386 shares of the company's stock, valued at approximately $2,943,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Harbour Investments Inc. increased its stake in NuScale Power by 21.3% during the second quarter. Harbour Investments Inc. now owns 1,156 shares of the company's stock worth $46,000 after acquiring an additional 203 shares during the last quarter. D.A. Davidson & CO. increased its stake in NuScale Power by 1.0% during the second quarter. D.A. Davidson & CO. now owns 20,822 shares of the company's stock worth $824,000 after acquiring an additional 212 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its stake in NuScale Power by 84.5% during 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 last quarter. Union Bancaire Privee UBP SA increased its stake in NuScale Power by 9.1% during the second quarter. Union Bancaire Privee UBP SA now owns 4,612 shares of the company's stock worth $182,000 after acquiring an additional 386 shares during the last quarter. Finally, Albion Financial Group UT increased its stake in NuScale Power by 26.2% during the second quarter. Albion Financial Group UT now owns 2,045 shares of the company's stock worth $81,000 after acquiring an additional 425 shares during the last quarter. 78.37% of the stock is currently owned by institutional investors and hedge funds.

NuScale Power Stock Up 2.6%

Shares of NYSE SMR opened at $38.70 on Tuesday. NuScale Power Corporation has a fifty-two week low of $11.08 and a fifty-two week high of $57.42. The business has a 50 day moving average price of $38.52 and a two-hundred day moving average price of $34.57. The firm has a market cap of $11.02 billion, a PE ratio of -32.52 and a beta of 2.02.

NuScale Power (NYSE:SMR - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.13) earnings per share 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 business had revenue of $8.05 million for the quarter, compared to analyst estimates of $10.49 million. On average, analysts anticipate that NuScale Power Corporation will post -0.73 earnings per share for the current year.

Insider Buying and Selling

In other NuScale Power news, Director Corp Fluor sold 2,372,563 shares of the stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $43.99, for a total transaction of $104,369,046.37. Following the transaction, the director owned 10,085,344 shares of the company's stock, valued at $443,654,282.56. This trade represents a 19.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last 90 days, insiders sold 15,048,847 shares of company stock worth $606,761,579. Company insiders own 1.96% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on SMR shares. Bank of America restated an "underperform" rating and set a $34.00 price target (down from $38.00) on shares of NuScale Power in a research note on Tuesday, September 30th. Cantor Fitzgerald started coverage on NuScale Power in a research note on Tuesday, October 21st. They issued an "overweight" rating and a $55.00 target price for the company. BNP Paribas Exane lowered NuScale Power from a "neutral" rating to an "underperform" rating in a research note on Tuesday, October 21st. BNP Paribas lowered NuScale Power from a "hold" rating to a "strong sell" rating in a research note on Tuesday, October 21st. Finally, Royal Bank Of Canada started coverage on NuScale Power in a research note on Monday, September 15th. They issued a "sector perform" rating and a $35.00 target price for the company. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat, NuScale Power presently has an average rating of "Reduce" and a consensus price target of $37.73.

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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