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

NuScale Power Corporation (NYSE:SMR - Get Free Report)'s share price gapped up before the market opened on Tuesday . The stock had previously closed at $36.50, but opened at $38.68. NuScale Power shares last traded at $41.03, with a volume of 7,731,469 shares.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. CLSA set a $41.00 target price on shares of NuScale Power and gave the stock an "outperform" rating in a research note on Tuesday, May 27th. BTIG Research reiterated a "buy" rating on shares of NuScale Power in a research report on Tuesday, May 13th. Canaccord Genuity Group set a $35.00 price objective on NuScale Power and gave the company a "buy" rating in a research note on Thursday, May 29th. The Goldman Sachs Group set a $24.00 target price on NuScale Power and gave the stock a "neutral" rating in a research note on Tuesday, May 20th. Finally, Citigroup started coverage on NuScale Power in a research report on Monday. They set a "neutral" rating and a $46.00 price target for the company. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, NuScale Power presently has an average rating of "Moderate Buy" and an average price target of $29.38.

NuScale Power Price Performance

The company has a 50 day simple moving average of $25.95 and a 200-day simple moving average of $21.82. The stock has a market cap of $11.75 billion, a P/E ratio of -30.16 and a beta of 1.99.

NuScale Power (NYSE:SMR - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The company reported ($0.11) earnings per share for the quarter, beating analysts' consensus estimates of ($0.17) by $0.06. The company 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%. As a group, research analysts expect that NuScale Power Corporation will post -0.73 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO John Lawrence Hopkins sold 26,345 shares of the firm's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $23.66, for a total transaction of $623,322.70. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CTO Jose N. Reyes, Jr. sold 33,000 shares of the stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $15.13, for a total value of $499,290.00. Following the sale, the chief technology officer now owns 516,207 shares of the company's stock, valued at $7,810,211.91. This represents a 6.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 128,278 shares of company stock valued at $2,286,280. 1.96% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Victory Capital Management Inc. boosted its position in NuScale Power by 6.6% during the 4th quarter. Victory Capital Management Inc. now owns 10,669 shares of the company's stock valued at $191,000 after buying an additional 656 shares during the period. Deutsche Bank AG boosted its holdings in shares of NuScale Power by 0.9% during the first quarter. Deutsche Bank AG now owns 76,082 shares of the company's stock worth $1,077,000 after purchasing an additional 686 shares during the period. Farther Finance Advisors LLC grew its stake in shares of NuScale Power by 6.9% in the first quarter. Farther Finance Advisors LLC now owns 12,902 shares of the company's stock worth $189,000 after purchasing an additional 833 shares during the last quarter. Amalgamated Bank increased its holdings in NuScale Power by 51.8% during the 4th quarter. Amalgamated Bank now owns 2,889 shares of the company's stock valued at $52,000 after purchasing an additional 986 shares during the period. Finally, Summit Investment Advisors Inc. increased its holdings in NuScale Power by 16.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 8,863 shares of the company's stock valued at $159,000 after purchasing an additional 1,260 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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