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

NuScale Power Corporation (NYSE:SMR - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $43.24, but opened at $41.94. NuScale Power shares last traded at $40.40, with a volume of 3,717,347 shares traded.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. BTIG Research lowered NuScale Power from a "buy" rating to a "neutral" rating in a research report on Wednesday. Canaccord Genuity Group set a $35.00 price objective on shares of NuScale Power and gave the stock a "buy" rating in a report on Thursday, May 29th. Citigroup started coverage on shares of NuScale Power in a research note on Monday. They set a "neutral" rating and a $46.00 target price on the stock. CLSA set a $41.00 price target on shares of NuScale Power and gave the stock an "outperform" rating in a research note on Tuesday, May 27th. Finally, UBS Group raised their price objective on shares of NuScale Power from $17.00 to $34.00 and gave the stock a "neutral" rating in a report on Thursday, May 29th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $29.38.

NuScale Power Stock Performance

The business's 50-day moving average is $26.51 and its 200-day moving average is $21.97. The company has a market capitalization of $11.29 billion, a PE ratio of -28.94 and a beta of 2.00.

NuScale Power (NYSE:SMR - Get Free Report) last released its earnings results on Monday, May 12th. The company reported ($0.11) EPS for the quarter, topping analysts' consensus estimates of ($0.17) by $0.06. The firm had revenue of $13.38 million for the quarter, compared to analysts' expectations of $1.46 million. NuScale Power had a positive return on equity of 0.09% and a negative net margin of 273.36%. Analysts expect that NuScale Power Corporation will post -0.73 EPS for the current year.

Insider Activity at NuScale Power

In related news, VP Jacqueline F. Engel sold 1,565 shares of the stock in a transaction on Monday, May 5th. The stock was sold at an average price of $16.94, for a total transaction of $26,511.10. Following the sale, the vice president now directly owns 1,218 shares of the company's stock, valued at $20,632.92. This trade represents a 56.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Jose N. Reyes, Jr. sold 33,000 shares of the company's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $15.13, for a total transaction of $499,290.00. Following the transaction, the chief technology officer now owns 516,207 shares in the company, valued at $7,810,211.91. This represents a 6.01% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 128,278 shares of company stock valued at $2,286,280. 1.96% of the stock is owned by corporate insiders.

Institutional Trading of NuScale Power

Several large investors have recently modified their holdings of the company. Rhumbline Advisers grew its position in NuScale Power by 9.3% during the fourth quarter. Rhumbline Advisers now owns 111,404 shares of the company's stock valued at $1,997,000 after buying an additional 9,485 shares during the period. Sanctuary Advisors LLC bought a new stake in shares of NuScale Power during the 4th quarter valued at $303,000. Truist Financial Corp raised its holdings in NuScale Power by 52.5% in the 4th quarter. Truist Financial Corp now owns 26,140 shares of the company's stock worth $469,000 after purchasing an additional 9,000 shares during the period. Venturi Wealth Management LLC grew its holdings in NuScale Power by 313.8% during the fourth quarter. Venturi Wealth Management LLC now owns 1,978 shares of the company's stock valued at $35,000 after purchasing an additional 1,500 shares during the period. Finally, New York State Common Retirement Fund raised its stake in shares of NuScale Power by 8.5% in the fourth quarter. New York State Common Retirement Fund now owns 24,172 shares of the company's stock worth $433,000 after buying an additional 1,900 shares during the period. 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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