Bank of America Initiates Coverage on NuScale Power (NYSE:SMR)

Key Points

• Bank of America has initiated coverage on NuScale Power with a neutral rating and a price target of $36.00, indicating a potential upside of 6.35% from its previous close.
• NuScale Power recently reported earnings of ($0.13) per share, missing analysts' estimates and forecasting a net margin of -221.07% for the quarter.
• Currently, NuScale Power has received three buy ratings and nine hold ratings, with an average price target of $34.60 from analysts.

Bank of America started coverage on shares of NuScale Power (NYSE:SMR - Get Free Report) in a note issued to investors on Thursday, MarketBeat reports. The brokerage set a "neutral" rating and a $36.00 price target on the stock. Bank of America's price objective would indicate a potential upside of 2.73% from the company's previous close.

SMR has been the subject of a number of other research reports. CLSA set a $41.00 target price on shares of NuScale Power and gave the company an "outperform" rating in a research report on Tuesday, May 27th. Northland Securities assumed 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. BTIG Research lowered shares of NuScale Power from a "buy" rating to a "neutral" rating in a research report on Wednesday, June 25th. The Goldman Sachs Group set a $24.00 price target on shares of NuScale Power and gave the stock a "neutral" rating in a research note on Tuesday, May 20th. Finally, UBS Group raised their price objective 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 research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $34.60.

NuScale Power Trading Up 4.6%

Shares of SMR traded up $1.5540 during trading hours on Thursday, reaching $35.0440. The company had a trading volume of 11,195,486 shares, compared to its average volume of 12,830,846. NuScale Power has a 12-month low of $6.88 and a 12-month high of $53.50. The company has a market capitalization of $9.98 billion, a price-to-earnings ratio of -29.45 and a beta of 2.06. The firm has a 50 day simple moving average of $40.88 and a 200-day simple moving average of $27.78.

NuScale Power (NYSE:SMR - Get Free Report) last issued 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). The firm had revenue of $8.05 million for the quarter, compared to analysts' expectations of $10.49 million. NuScale Power had a positive return on equity of 2.61% and a negative net margin of 221.07%. Sell-side analysts forecast that NuScale Power will post -0.73 earnings per share for the current year.

Insider Buying and Selling at NuScale Power

In related news, COO Carl M. Fisher sold 18,206 shares of the business's stock in a transaction dated Tuesday, August 5th. The stock was 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 of the company's stock, valued at $4,033,452.96. The trade was a 16.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.27% of the company's stock.

Hedge Funds Weigh In On NuScale Power

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings 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 buying an additional 512,618 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of NuScale Power by 20.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,841,836 shares of the company's stock valued at $96,880,000 after acquiring an additional 1,153,158 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of NuScale Power by 25.2% in the 2nd quarter. Geode Capital Management LLC now owns 2,854,664 shares of the company's stock valued at $112,944,000 after acquiring an additional 574,295 shares in the last quarter. State Street Corp raised its holdings in shares of NuScale Power by 37.5% during the 2nd quarter. State Street Corp now owns 2,736,187 shares of the company's stock valued at $108,244,000 after buying an additional 746,667 shares in the last quarter. Finally, Swedbank AB raised its holdings in shares of NuScale Power by 6.7% during the 1st 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 in the last quarter. 78.37% of the stock is owned by institutional investors and hedge funds.

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.