NuScale Power (NYSE:SMR) Shares Down 5.2% - Here's What Happened

Key Points

• NuScale Power's share price dropped by 5.2%, trading as low as $36.19, with a significant trading volume increase to over 21 million shares.
• Analysts have issued a consensus rating of "Hold" for the stock, with a price target averaging around $36.09 as several firms such as Citigroup and Bank of America initiated neutral ratings.
• Insider selling has been notable, with COO and CFO both reducing their shareholdings significantly, indicating potential concerns about the company's short-term outlook.

NuScale Power Corporation (NYSE:SMR - Get Free Report)'s share price fell 5.2% during mid-day trading on Thursday . The company traded as low as $36.19 and last traded at $37.60. 21,242,385 shares traded hands during mid-day trading, an increase of 72% from the average session volume of 12,384,059 shares. The stock had previously closed at $39.67.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SMR. Citigroup assumed coverage on shares of NuScale Power in a research note on Monday, June 23rd. They issued a "neutral" rating and a $46.00 price target on the stock. Bank of America assumed coverage on shares of NuScale Power in a research note on Thursday, August 21st. They set a "neutral" rating and a $36.00 target price on the stock. BNP Paribas Exane initiated coverage on shares of NuScale Power in a research note on Friday, July 25th. They set a "neutral" rating and a $41.00 target price on the stock. UBS Group boosted their target price on shares of NuScale Power from $34.00 to $38.00 and gave the company a "neutral" rating in a research report on Monday, August 11th. Finally, BTIG Research lowered shares of NuScale Power from a "buy" rating to a "neutral" rating in a report on Wednesday, June 25th. Three analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $36.09.

NuScale Power Stock Down 5.2%

The company has a market capitalization of $10.71 billion, a price-to-earnings ratio of -31.60 and a beta of 2.03. The company has a 50 day simple moving average of $40.32 and a 200 day simple moving average of $30.42.

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

Insiders Place Their Bets

In other news, COO Carl M. Fisher sold 18,206 shares of the stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $44.39, for a total value of $808,164.34. Following the completion of the sale, the chief operating officer owned 90,864 shares in the company, valued at approximately $4,033,452.96. This trade represents a 16.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Robert Ramsey Hamady sold 30,641 shares of the stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $35.59, for a total value of $1,090,513.19. Following the completion of the sale, the chief financial officer owned 46,283 shares of the company's stock, valued at approximately $1,647,211.97. This trade represents a 39.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold 7,158,260 shares of company stock worth $298,578,328 over the last three months. 1.27% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SMR. Ameriprise Financial Inc. boosted its holdings in NuScale Power by 34.1% in the fourth quarter. Ameriprise Financial Inc. now owns 52,612 shares of the company's stock valued at $943,000 after purchasing an additional 13,373 shares during the last quarter. Nuveen Asset Management LLC lifted its holdings in NuScale Power by 3.9% during the 4th quarter. Nuveen Asset Management LLC now owns 202,479 shares of the company's stock worth $3,630,000 after buying an additional 7,522 shares during the last quarter. ProShare Advisors LLC lifted its holdings in NuScale Power by 59.4% during the 4th quarter. ProShare Advisors LLC now owns 23,860 shares of the company's stock worth $428,000 after buying an additional 8,895 shares during the last quarter. Two Sigma Advisers LP bought a new position in NuScale Power during the 4th quarter worth approximately $2,018,000. Finally, Voloridge Investment Management LLC bought a new position in NuScale Power during the 4th quarter worth approximately $1,766,000. Hedge funds and other institutional investors own 78.37% of the company's stock.

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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