NuScale Power (NYSE:SMR) Stock Price Down 1.6% - Here's What Happened

NuScale Power Corporation (NYSE:SMR - Get Free Report) traded down 1.6% during trading on Thursday . The company traded as low as $34.52 and last traded at $34.90. 2,128,759 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 9,865,985 shares. The stock had previously closed at $35.46.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on SMR shares. CLSA set a $41.00 target price on shares of NuScale Power and gave the company an "outperform" rating in a report on Tuesday, May 27th. The Goldman Sachs Group set a $24.00 price target on NuScale Power and gave the company a "neutral" rating in a research report on Tuesday, May 20th. Canaccord Genuity Group set a $35.00 price objective on NuScale Power and gave the stock a "buy" rating in a research report on Thursday, May 29th. Citigroup started coverage on NuScale Power in a report on Monday, June 23rd. They issued a "neutral" rating and a $46.00 target price on the stock. Finally, Northland Securities assumed coverage on NuScale Power in a research note on Monday, July 7th. They set a "market perform" rating and a $35.00 price target for the company. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $32.00.

NuScale Power Trading Up 4.4%

The stock has a fifty day simple moving average of $31.97 and a two-hundred day simple moving average of $23.40. The company has a market cap of $10.69 billion, a PE ratio of -27.45 and a beta of 2.04.

NuScale Power (NYSE:SMR - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The company reported ($0.11) EPS 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 business had revenue of $13.38 million during the quarter, compared to analysts' expectations of $1.46 million. As a group, equities research analysts anticipate that NuScale Power Corporation will post -0.73 EPS for the current fiscal year.

Insider Buying and Selling at NuScale Power

In related news, VP Jacqueline F. Engel sold 1,565 shares of the business's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $16.94, for a total transaction of $26,511.10. Following the sale, the vice president owned 1,218 shares of the company's stock, valued at approximately $20,632.92. The trade was a 56.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO John Lawrence Hopkins sold 26,345 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $23.66, for a total transaction of $623,322.70. 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 owned by company insiders.

Institutional Investors Weigh In On NuScale Power

A number of hedge funds and other institutional investors have recently modified their holdings of SMR. Thurston Springer Miller Herd & Titak Inc. grew its holdings in shares of NuScale Power by 84.5% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 784 shares of the company's stock worth $31,000 after acquiring an additional 359 shares during the period. Victory Capital Management Inc. grew its holdings in NuScale Power by 6.6% in the fourth quarter. Victory Capital Management Inc. now owns 10,669 shares of the company's stock valued at $191,000 after purchasing an additional 656 shares during the last quarter. Deutsche Bank AG increased its position in shares of NuScale Power by 0.9% in the first quarter. Deutsche Bank AG now owns 76,082 shares of the company's stock valued at $1,077,000 after buying an additional 686 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of NuScale Power by 6.9% in the first quarter. Farther Finance Advisors LLC now owns 12,902 shares of the company's stock valued at $189,000 after buying an additional 833 shares in the last quarter. Finally, Summit Investment Advisors Inc. raised its stake in shares of NuScale Power by 16.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 8,863 shares of the company's stock worth $159,000 after buying an additional 1,260 shares during the last quarter. 78.37% of the stock is currently 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.