NuScale Power (NYSE:SMR) Shares Down 14.2% - Here's What Happened

Key Points

• NuScale Power's shares fell by 14.2% during mid-day trading, declining from a previous close of $50.21 to a low of $41.91.
• Analysts have recently issued varied ratings for NuScale Power, with a consensus price target of $33.00 and most ratings being either "hold" or "neutral."
• Insider trading activity has been reported, with CEO John Lawrence Hopkins and an insider, Clayton Scott, selling significant shares in the company.

NuScale Power Corporation (NYSE:SMR - Get Free Report)'s share price dropped 14.2% during mid-day trading on Friday . The stock traded as low as $41.91 and last traded at $43.08. Approximately 12,057,492 shares were traded during mid-day trading, an increase of 6% from the average daily volume of 11,371,959 shares. The stock had previously closed at $50.21.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SMR. Northland Securities assumed coverage on NuScale Power in a research report on Monday, July 7th. They set a "market perform" rating and a $35.00 price target on the stock. BNP Paribas raised NuScale Power to a "hold" rating in a research note on Friday, July 25th. The Goldman Sachs Group set a $24.00 target price on NuScale Power and gave the stock a "neutral" rating in a research report on Tuesday, May 20th. CLSA set a $41.00 price target on NuScale Power and gave the stock an "outperform" rating in a report on Tuesday, May 27th. Finally, BNP Paribas Exane initiated coverage on shares of NuScale Power in a report on Friday, July 25th. They set a "neutral" rating and a $41.00 target price on the stock. Eight research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $33.00.

NuScale Power Stock Performance

The firm's 50 day simple moving average is $39.49 and its 200 day simple moving average is $26.07. The firm has a market capitalization of $12.27 billion, a price-to-earnings ratio of -31.43 and a beta of 2.04.

NuScale Power (NYSE:SMR - Get Free Report) last released its earnings results on Monday, May 12th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.06. NuScale Power had a positive return on equity of 0.09% and a negative net margin of 273.36%. The company had revenue of $13.38 million during the quarter, compared to the consensus estimate of $1.46 million. As a group, sell-side analysts forecast that NuScale Power Corporation will post -0.73 earnings per share for the current year.

Insider Activity

In other news, insider Clayton Scott sold 10,019 shares of the business's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $16.78, for a total transaction of $168,118.82. Following the sale, the insider directly owned 86,965 shares in the company, valued at approximately $1,459,272.70. The trade was a 10.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO John Lawrence Hopkins sold 34,675 shares of the company's stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $17.00, for a total transaction of $589,475.00. Following the completion of the sale, the chief executive officer directly owned 49,019 shares in the company, valued at approximately $833,323. The trade was a 41.43% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 95,278 shares of company stock valued at $1,786,990. 1.27% of the stock is currently owned by company insiders.

Institutional Trading of NuScale Power

Several institutional investors and hedge funds have recently bought and sold shares of SMR. Kaizen Financial Strategies bought a new stake in shares of NuScale Power in the first quarter worth $204,000. Cambridge Investment Research Advisors Inc. raised its holdings in shares of NuScale Power by 31.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 193,098 shares of the company's stock worth $2,734,000 after purchasing an additional 46,744 shares during the period. California State Teachers Retirement System raised its position in shares of NuScale Power by 17.9% in the fourth quarter. California State Teachers Retirement System now owns 79,687 shares of the company's stock valued at $1,429,000 after purchasing an additional 12,070 shares during the period. Geode Capital Management LLC increased its position in shares of NuScale Power by 7.4% during the fourth quarter. Geode Capital Management LLC now owns 1,965,456 shares of the company's stock valued at $35,249,000 after buying an additional 135,613 shares during the period. Finally, Ameriprise Financial Inc. increased its holdings in shares of NuScale Power by 34.1% in the fourth quarter. Ameriprise Financial Inc. now owns 52,612 shares of the company's stock worth $943,000 after purchasing an additional 13,373 shares during the period. Institutional investors own 78.37% of the company's stock.

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.

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