NuScale Power's (SMR) "Sell" Rating Reaffirmed at Citigroup

Key Points

• Citigroup has downgraded NuScale Power from a "neutral" rating to a "sell" rating, with a target price of $37.50, indicating a potential downside of 15.25% from the stock's previous close.
• Other analysts show mixed sentiments; Canaccord Genuity raised its price target from $44.00 to $60.00 with a "buy" rating, while Bank of America cut its target from $38.00 to $34.00 with an "underperform" rating.
• NuScale Power reported a quarterly earnings miss with a loss of ($0.13) per share against a consensus estimate of ($0.12), along with lower revenue of $8.05 million compared to expectations of $10.49 million.

NuScale Power (NYSE:SMR - Get Free Report)'s stock had its "sell" rating reaffirmed by investment analysts at Citigroup in a research note issued on Tuesday, MarketBeat reports. They currently have a $37.50 price objective on the stock, down from their prior price objective of $46.00. Citigroup's price objective would indicate a potential downside of 15.25% from the stock's previous close.

Other analysts have also recently issued reports about the company. Barclays assumed coverage on NuScale Power in a research report on Monday, September 29th. They issued an "equal weight" rating and a $45.00 price target on the stock. UBS Group raised their price target on NuScale Power from $34.00 to $38.00 and gave the company a "neutral" rating in a report on Monday, August 11th. Cantor Fitzgerald assumed coverage on shares of NuScale Power in a research note on Tuesday. They issued an "overweight" rating and a $55.00 price target on the stock. BTIG Research lowered shares of NuScale Power from a "buy" rating to a "neutral" rating in a research note on Wednesday, June 25th. Finally, Bank of America reiterated an "underperform" rating and issued a $34.00 target price (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, nine have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $38.79.

NuScale Power Trading Down 0.0%

SMR opened at $44.25 on Tuesday. The company has a market cap of $12.60 billion, a price-to-earnings ratio of -37.18 and a beta of 2.02. The stock has a fifty day simple moving average of $38.41 and a two-hundred day simple moving average of $33.78. NuScale Power has a 12-month low of $11.08 and a 12-month high of $57.42.

NuScale Power (NYSE:SMR - Get Free Report) last released its earnings results 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 positive return on equity of 2.61% and a negative net margin of 221.07%.The business had revenue of $8.05 million during the quarter, compared to analysts' expectations of $10.49 million. On average, analysts predict that NuScale Power will post -0.73 EPS for the current year.

Insiders Place Their Bets

In related news, Director Corp Fluor sold 2,372,563 shares of the firm's stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $43.99, for a total value of $104,369,046.37. Following the sale, the director owned 10,085,344 shares in the company, valued at approximately $443,654,282.56. This trade represents a 19.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 15,048,847 shares of company stock worth $606,761,579 in the last 90 days. 1.96% of the stock is owned by corporate insiders.

Institutional Trading of NuScale Power

A number of hedge funds have recently bought and sold shares of SMR. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of NuScale Power by 1,220.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,845,116 shares of the company's stock worth $26,127,000 after purchasing an additional 1,705,411 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in 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 worth $96,880,000 after purchasing an additional 1,153,158 shares during the period. Bank of America Corp DE lifted its position in NuScale Power by 80.9% during the second quarter. Bank of America Corp DE now owns 2,333,248 shares of the company's stock valued at $92,303,000 after purchasing an additional 1,043,676 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong bought a new stake in NuScale Power during the first quarter valued at about $14,271,000. Finally, Man Group plc purchased a new stake in NuScale Power in the second quarter worth about $33,877,000. Hedge funds and other institutional investors own 78.37% of the company's stock.

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.