NuScale Power (NYSE:SMR) Given New $7.00 Price Target at Citigroup

Key Points

• Citigroup lowered its price target on NuScale Power from $9.00 to $7.00 and kept a sell rating, implying roughly 47% downside from the prior close.
• NuScale’s recent earnings were weak, with EPS of -$0.14 versus expectations of -$0.11 and revenue of just $0.57 million versus the $7.00 million consensus.
• Insider selling has been notable, including share sales by the CEO and COO; the article notes insiders sold more than 40 million shares over the last 90 days.

NuScale Power (NYSE:SMR - Get Free Report) had its price objective reduced by Citigroup from $9.00 to $7.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a "sell" rating on the stock. Citigroup's target price indicates a potential downside of 47.11% from the company's previous close.

A number of other research firms have also recently commented on SMR. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of NuScale Power in a research note on Friday, March 27th. Cantor Fitzgerald cut their target price on NuScale Power from $55.00 to $20.00 and set an "overweight" rating on the stock in a research note on Tuesday, February 24th. TD Cowen cut NuScale Power from a "buy" rating to a "hold" rating in a research note on Wednesday, February 11th. Barclays cut their target price on NuScale Power from $45.00 to $15.00 and set an "equal weight" rating on the stock in a research note on Monday, February 23rd. Finally, Texas Capital raised NuScale Power to a "strong-buy" rating in a research note on Tuesday, January 27th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $19.08.

NuScale Power Price Performance

Shares of SMR traded up $0.69 during mid-day trading on Monday, reaching $13.24. 21,151,503 shares of the company's stock traded hands, compared to its average volume of 28,667,260. The stock has a market cap of $4.47 billion, a P/E ratio of -4.54 and a beta of 2.24. The stock's 50-day moving average is $11.63 and its two-hundred day moving average is $18.11. NuScale Power has a 12 month low of $8.85 and a 12 month high of $57.42.

NuScale Power (NYSE:SMR - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($0.14) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.03). The business had revenue of $0.57 million for the quarter, compared to the consensus estimate of $7.00 million. NuScale Power had a negative net margin of 2,066.55% and a negative return on equity of 48.88%. The firm's revenue for the quarter was down 95.8% compared to the same quarter last year. Research analysts predict that NuScale Power will post -0.44 earnings per share for the current year.

Insider Activity at NuScale Power

In other NuScale Power news, CEO John Lawrence Hopkins sold 82,667 shares of the company's stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $12.22, for a total transaction of $1,010,190.74. Following the completion of the sale, the chief executive officer owned 117,018 shares in the company, valued at $1,429,959.96. This represents a 41.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Carl M. Fisher sold 22,197 shares of the company's stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $12.22, for a total value of $271,247.34. Following the sale, the chief operating officer owned 140,141 shares of the company's stock, valued at approximately $1,712,523.02. This represents a 13.67% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 40,572,082 shares of company stock valued at $481,029,608 over the last 90 days. Insiders own 1.28% of the company's stock.

Institutional Trading of NuScale Power

A number of hedge funds have recently bought and sold shares of the stock. Family Capital Management Inc. lifted its holdings in NuScale Power by 3.5% during the third quarter. Family Capital Management Inc. now owns 8,682 shares of the company's stock worth $313,000 after buying an additional 291 shares during the period. Cibc World Market Inc. lifted its holdings in NuScale Power by 3.8% during the third quarter. Cibc World Market Inc. now owns 9,000 shares of the company's stock worth $324,000 after buying an additional 329 shares during the period. MAI Capital Management lifted its holdings in shares of NuScale Power by 37.0% during the 3rd quarter. MAI Capital Management now owns 1,654 shares of the company's stock valued at $60,000 after purchasing an additional 447 shares during the last quarter. Park Avenue Securities LLC lifted its holdings in shares of NuScale Power by 1.5% during the 3rd quarter. Park Avenue Securities LLC now owns 36,314 shares of the company's stock valued at $1,307,000 after purchasing an additional 525 shares during the last quarter. Finally, N.E.W. Advisory Services LLC lifted its holdings in shares of NuScale Power by 5.3% during the 3rd quarter. N.E.W. Advisory Services LLC now owns 10,512 shares of the company's stock valued at $378,000 after purchasing an additional 533 shares during the last quarter. Hedge funds and other institutional investors own 78.37% of the company's stock.

About NuScale Power

NuScale Power Corporation, trading on the NYSE American under the ticker SMR, is a pioneering developer of small modular nuclear reactors. Established in 2007 as a spinout from Oregon State University, the company is headquartered in Portland, Oregon. NuScale’s mission is to deliver zero-carbon baseload power through scalable modular reactor technology, aiming to transform traditional nuclear energy deployment.

At the core of NuScale’s offering is the VOYGR small modular reactor design, featuring 77-megawatt electric (MWe) modules with passive safety systems.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.