NuScale Power (NYSE:SMR) Shares Down 4.7% - Here's Why

Key Points

• NuScale Power's stock dropped 4.7% on Tuesday, closing at $37.24 after trading as low as $36.89, with trading volume down by 56% from its average.
• Several analysts have adjusted their ratings, with Goldman Sachs setting a price target of $24.00, while Bank of America set a target of $36.00 and rated the stock as "neutral".
• NuScale reported a quarterly loss of ($0.13) EPS, missing expectations, and its revenue came in at $8.05 million, which was below analysts' predictions of $10.49 million.

NuScale Power Corporation (NYSE:SMR - Get Free Report)'s stock price dropped 4.7% on Tuesday . The company traded as low as $36.89 and last traded at $37.24. Approximately 5,166,523 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 11,798,637 shares. The stock had previously closed at $39.09.

Analysts Set New Price Targets

SMR has been the subject of a number of analyst reports. BTIG Research cut shares of NuScale Power from a "buy" rating to a "neutral" rating in a research report on Wednesday, June 25th. The Goldman Sachs Group set a $24.00 price objective on shares of NuScale Power and gave the stock a "neutral" rating in a research note on Tuesday, May 20th. BNP Paribas upgraded shares of NuScale Power to a "hold" rating in a research note on Friday, July 25th. Royal Bank Of Canada assumed coverage on shares of NuScale Power in a research note on Monday. They set a "sector perform" rating and a $35.00 price objective on the stock. Finally, Bank of America assumed coverage on shares of NuScale Power in a research note on Thursday, August 21st. They issued a "neutral" rating and a $36.00 price target on the stock. Three investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $36.09.

NuScale Power Trading Down 4.4%

The firm has a market cap of $10.65 billion, a PE ratio of -31.36 and a beta of 2.03. The company's 50-day moving average is $40.14 and its 200 day moving average is $29.43.

NuScale Power (NYSE:SMR - Get Free Report) last issued its quarterly 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 negative net margin of 221.07% and a positive return on equity of 2.61%. The firm had revenue of $8.05 million during the quarter, compared to analysts' expectations of $10.49 million. On average, research analysts predict that NuScale Power Corporation will post -0.73 EPS for the current fiscal year.

Insiders Place Their Bets

In other NuScale Power news, COO Carl M. Fisher sold 18,206 shares of the firm's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $44.39, for a total value of $808,164.34. Following the sale, the chief operating officer directly owned 90,864 shares in the company, valued at $4,033,452.96. This trade represents a 16.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Robert Ramsey Hamady sold 30,641 shares of the firm's stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $35.59, for a total transaction of $1,090,513.19. Following the completion of the sale, the chief financial officer owned 46,283 shares in the company, valued at $1,647,211.97. This represents a 39.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.96% of the company's stock.

Hedge Funds Weigh In On NuScale Power

A number of hedge funds and other institutional investors have recently made changes to their positions in SMR. Quantbot Technologies LP bought a new position in shares of NuScale Power during the 1st quarter worth about $27,000. Thurston Springer Miller Herd & Titak Inc. boosted its position 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 valued at $31,000 after buying an additional 359 shares in the last quarter. Rothschild Investment LLC boosted its position 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 buying an additional 350 shares in the last quarter. NBC Securities Inc. boosted its position in NuScale Power by 165,450.0% in the first quarter. NBC Securities Inc. now owns 3,311 shares of the company's stock valued at $46,000 after buying an additional 3,309 shares in the last quarter. Finally, Harbour Investments Inc. boosted its position in NuScale Power by 21.3% in the second quarter. Harbour Investments Inc. now owns 1,156 shares of the company's stock valued at $46,000 after buying an additional 203 shares in the last quarter. 78.37% of the stock is owned by institutional investors.

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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