NuScale Power (NYSE:SMR) Given "Underperform" Rating at Bank of America

Key Points

• NuScale Power's stock received an "underperform" rating by Bank of America, with a price objective reduced to $34.00, indicating a potential downside of 10.60% from its last close.
• Recent earnings reports show that NuScale Power missed consensus estimates, reporting a loss of ($0.13) per share and revenue of $8.05 million, below projections.
• Insider selling has been significant, with the Director selling over $22 million in shares, contributing to an overall trend of insiders selling nearly 9.5 million shares valued at approximately $389 million in the last quarter.

NuScale Power (NYSE:SMR - Get Free Report)'s stock had its "underperform" rating reaffirmed by investment analysts at Bank of America in a report issued on Tuesday,Benzinga reports. They presently have a $34.00 price objective on the stock, down from their prior price objective of $38.00. Bank of America's target price would indicate a potential downside of 10.60% from the stock's previous close.

Several other research analysts have also recently commented on the stock. Barclays started coverage on shares of NuScale Power in a report on Monday. They issued an "equal weight" rating and a $45.00 target price for the company. BNP Paribas upgraded shares of NuScale Power to a "hold" rating in a report on Friday, July 25th. Northland Capmk upgraded shares of NuScale Power to a "hold" rating in a report on Monday, July 7th. BTIG Research cut shares of NuScale Power from a "buy" rating to a "neutral" rating in a report on Wednesday, June 25th. Finally, Canaccord Genuity Group raised their price target on shares of NuScale Power from $44.00 to $60.00 and gave the stock a "buy" rating in a report on Wednesday, September 3rd. Three analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $36.67.

NuScale Power Trading Up 0.1%

NYSE:SMR opened at $38.03 on Tuesday. NuScale Power has a twelve month low of $10.71 and a twelve month high of $53.50. The company has a 50-day moving average of $39.74 and a 200-day moving average of $31.08. The firm has a market cap of $10.83 billion, a price-to-earnings ratio of -31.96 and a beta of 2.03.

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

Insider Buying and Selling

In other NuScale Power news, Director Corp Fluor sold 588,720 shares of NuScale Power stock in a transaction that occurred on Friday, September 26th. The shares were sold at an average price of $37.97, for a total value of $22,353,698.40. Following the completion of the sale, the director directly owned 5,562,897 shares in the company, valued at $211,223,199.09. The trade was a 9.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Robert Ramsey Hamady sold 30,641 shares of NuScale Power stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $35.59, for a total transaction of $1,090,513.19. Following the completion of the transaction, the chief financial officer directly owned 46,283 shares in the company, valued at approximately $1,647,211.97. This represents a 39.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,485,950 shares of company stock valued at $388,621,483 over the last quarter. Corporate insiders own 1.96% of the company's stock.

Hedge Funds Weigh In On NuScale Power

Institutional investors have recently modified their holdings of the company. Quantbot Technologies LP bought a new position in NuScale Power during the first quarter worth $27,000. Thurston Springer Miller Herd & Titak Inc. boosted 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 buying an additional 359 shares in the last quarter. Rothschild Investment LLC boosted its stake in NuScale Power by 45.2% during the second quarter. Rothschild Investment LLC now owns 1,125 shares of the company's stock worth $45,000 after buying an additional 350 shares in the last quarter. NBC Securities Inc. boosted its stake in NuScale Power by 165,450.0% during the first quarter. NBC Securities Inc. now owns 3,311 shares of the company's stock worth $46,000 after buying an additional 3,309 shares in the last quarter. Finally, Harbour Investments Inc. boosted 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 buying an additional 203 shares in the last quarter. 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.

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