NuScale Power (NYSE:SMR) Shares Down 3.3% After Insider Selling

Key Points

• NuScale Power shares fell 3.3% after insider selling, with approximately 35.6 million shares traded, marking a significant increase from average trading volume.
• Director Corp Fluor sold 87,900 shares for about $3.48 million, reducing their ownership by over 90% in recent transactions.
• Brokerages have varied opinions on NuScale Power, with Citigroup issuing a "neutral" rating and Canaccord Genuity raising the price target from $44 to $60, while the average target price currently sits at $36.67.

NuScale Power Corporation (NYSE:SMR - Get Free Report)'s stock price dropped 3.3% on Friday following insider selling activity. The stock traded as low as $39.10 and last traded at $39.29. Approximately 35,636,791 shares changed hands during trading, an increase of 179% from the average daily volume of 12,762,486 shares. The stock had previously closed at $40.61.

Specifically, Director Corp Fluor sold 87,900 shares of the company's stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $39.58, for a total value of $3,479,082.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Corp Fluor sold 820,861 shares of NuScale Power stock in a transaction that occurred on Tuesday, October 7th. The stock was sold at an average price of $40.68, for a total transaction of $33,392,625.48. Following the sale, the director owned 87,900 shares of the company's stock, valued at approximately $3,575,772. This represents a 90.33% decrease in their position. The disclosure for this sale can be found here. In related news, Director Corp Fluor sold 854,033 shares of the company's stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $42.41, for a total transaction of $36,219,539.53. Following the completion of the sale, the director owned 908,761 shares of the company's stock, valued at $38,540,554.01. This represents a 48.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SMR. BTIG Research cut NuScale Power from a "buy" rating to a "neutral" rating in a research report on Wednesday, June 25th. Northland Capmk upgraded NuScale Power to a "hold" rating in a research note on Monday, July 7th. Canaccord Genuity Group boosted their price objective on NuScale Power from $44.00 to $60.00 and gave the company a "buy" rating in a research report on Wednesday, September 3rd. Weiss Ratings reiterated a "sell (e+)" rating on shares of NuScale Power in a research note on Wednesday. Finally, Citigroup started coverage on NuScale Power in a research note on Monday, June 23rd. They set a "neutral" rating and a $46.00 price target for the company. Three research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, NuScale Power currently has an average rating of "Hold" and an average target price of $36.67.

NuScale Power Stock Down 3.3%

The firm has a market cap of $11.19 billion, a P/E ratio of -33.02 and a beta of 2.02. The business's 50 day moving average is $38.06 and its two-hundred day moving average is $32.06.

NuScale Power (NYSE:SMR - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.13) 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 during the quarter, compared to analysts' expectations of $10.49 million. Equities research analysts anticipate that NuScale Power Corporation will post -0.73 EPS for the current year.

Hedge Funds Weigh In On NuScale Power

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Quantbot Technologies LP acquired a new stake in shares of NuScale Power during the first quarter worth $27,000. Thurston Springer Miller Herd & Titak Inc. raised its position in shares of 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 purchasing an additional 359 shares during the period. Rothschild Investment LLC grew its stake in NuScale Power by 45.2% in the second quarter. Rothschild Investment LLC now owns 1,125 shares of the company's stock valued at $45,000 after purchasing an additional 350 shares in the last quarter. NBC Securities Inc. increased its holdings in shares of NuScale Power by 165,450.0% during the 1st quarter. NBC Securities Inc. now owns 3,311 shares of the company's stock valued at $46,000 after acquiring an additional 3,309 shares during the last quarter. Finally, Harbour Investments Inc. lifted its stake in shares of 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 buying an additional 203 shares during the last quarter. 78.37% of the stock is 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.

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