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

Key Points

• NuScale Power shares experienced a significant drop, opening at $44.70 from a previous close of $46.77, with recent trading at $44.30 and a volume of 8,841,893 shares.
• Analysts have issued mixed ratings for NuScale Power, with UBS raising its price target from $34.00 to $38.00, while there are currently three buy ratings and ten hold ratings from various analysts.
• The company reported a loss of ($0.13) earnings per share, missing estimates, with revenue of $8.05 million compared to an expected $10.49 million, reflecting a negative net margin of 221.07%.

NuScale Power Corporation (NYSE:SMR - Get Free Report)'s share price gapped down prior to trading on Monday . The stock had previously closed at $46.77, but opened at $44.70. NuScale Power shares last traded at $44.30, with a volume of 8,841,893 shares changing hands.

Analysts Set New Price Targets

SMR has been the topic of several research analyst reports. Northland Securities initiated coverage on NuScale Power in a research report on Monday, July 7th. They issued a "market perform" rating and a $35.00 price objective on the stock. Canaccord Genuity Group increased their price target on NuScale Power from $44.00 to $60.00 and gave the stock a "buy" rating in a research report on Wednesday, September 3rd. UBS Group increased their price target on NuScale Power from $34.00 to $38.00 and gave the stock a "neutral" rating in a research report on Monday, August 11th. BTIG Research downgraded NuScale Power from a "buy" rating to a "neutral" rating in a research report on Wednesday, June 25th. Finally, CLSA set a $41.00 price target on NuScale Power and gave the stock an "outperform" rating in a research report on Tuesday, May 27th. Three analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, NuScale Power has a consensus rating of "Hold" and a consensus target price of $36.09.

NuScale Power Stock Performance

The stock has a market capitalization of $12.30 billion, a PE ratio of -36.22 and a beta of 2.03. The business has a 50 day moving average of $40.48 and a two-hundred day moving average of $30.28.

NuScale Power (NYSE:SMR - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.13) earnings per share for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.01). The company had revenue of $8.05 million for the quarter, compared to analysts' expectations 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, equities analysts expect that NuScale Power Corporation will post -0.73 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Robert Ramsey Hamady sold 30,641 shares of the company'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 directly owned 46,283 shares in the company, valued at $1,647,211.97. This represents a 39.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Corp Fluor sold 1,193,504 shares of the company's stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $38.95, for a total value of $46,486,980.80. Following the sale, the director owned 12,457,907 shares of the company's stock, valued at $485,235,477.65. This trade represents a 8.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,590,940 shares of company stock worth $97,907,007 in the last three months. 1.96% of the stock is owned by insiders.

Institutional Investors Weigh In On NuScale Power

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Thurston Springer Miller Herd & Titak Inc. raised its stake 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 during the last quarter. Rothschild Investment LLC raised 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 buying an additional 350 shares during the last quarter. Harbour Investments Inc. raised 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 valued at $46,000 after buying an additional 203 shares during the last quarter. Delos Wealth Advisors LLC purchased a new stake in NuScale Power in the second quarter valued at about $51,000. Finally, Atlantic Union Bankshares Corp purchased a new stake in NuScale Power in the second quarter valued at about $61,000. 78.37% of the stock is currently owned by hedge funds and other 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.