NuScale Power (NYSE:SMR) Shares Down 2.6% - Time to Sell?

Key Points

• NuScale Power's stock price decreased by 2.6%, closing at $38.18 after trading as low as $37.92, with a significant trading volume increase of 21% from the average.
• Several analysts have rated the stock as a "Hold," but recently downgraded its outlook, with a consensus price target of $36.67.
• Insider selling activity has been notable, with 2.37 million shares sold by a director, representing a 19.04% decrease in their ownership.

NuScale Power Corporation (NYSE:SMR - Get Free Report)'s stock price fell 2.6% on Wednesday . The company traded as low as $37.92 and last traded at $38.18. 15,238,816 shares traded hands during trading, an increase of 21% from the average session volume of 12,586,076 shares. The stock had previously closed at $39.21.

Wall Street Analyst Weigh In

SMR has been the topic of several research reports. Northland Securities initiated coverage on shares of NuScale Power in a report on Monday, July 7th. They set a "market perform" rating and a $35.00 price objective on the stock. Royal Bank Of Canada initiated coverage on shares of NuScale Power in a report on Monday, September 15th. They issued a "sector perform" rating and a $35.00 target price on the stock. Weiss Ratings reissued a "sell (e+)" rating on shares of NuScale Power in a research note on Wednesday. BTIG Research downgraded NuScale Power from a "buy" rating to a "neutral" rating in a research note on Wednesday, June 25th. Finally, Citigroup started coverage on NuScale Power in a research note on Monday, June 23rd. They issued a "neutral" rating and a $46.00 price objective for the company. Three analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $36.67.

NuScale Power Stock Performance

The company's 50 day moving average price is $38.50 and its 200-day moving average price is $31.87. The company has a market cap of $10.88 billion, a PE ratio of -32.08 and a beta of 2.02.

NuScale Power (NYSE:SMR - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $8.05 million for the quarter, compared to analysts' expectations of $10.49 million. Equities research analysts expect that NuScale Power Corporation will post -0.73 EPS for the current year.

Insider Buying and Selling at NuScale Power

In other news, Director Corp Fluor sold 2,372,563 shares of NuScale Power stock in a transaction dated 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 completion of the transaction, the director owned 10,085,344 shares in the company, valued at $443,654,282.56. This trade represents a 19.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 14,140,086 shares of company stock valued at $569,889,872 in the last three months. 1.27% of the stock is owned by company insiders.

Hedge Funds Weigh In On NuScale Power

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SMR. Harbour Investments Inc. lifted its stake in NuScale Power by 21.3% in the second quarter. Harbour Investments Inc. now owns 1,156 shares of the company's stock worth $46,000 after acquiring an additional 203 shares during the period. D.A. Davidson & CO. lifted its position in shares of NuScale Power by 1.0% in the 2nd quarter. D.A. Davidson & CO. now owns 20,822 shares of the company's stock worth $824,000 after purchasing an additional 212 shares during the period. TD Waterhouse Canada Inc. lifted its position in shares of NuScale Power by 14.8% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 2,641 shares of the company's stock worth $95,000 after purchasing an additional 341 shares during the period. Rothschild Investment LLC lifted its holdings in NuScale Power by 45.2% in 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 during the period. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its holdings in NuScale Power by 84.5% in 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 during the period. 78.37% of the stock is currently owned by hedge funds and other institutional investors.

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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