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

NuScale Power Corporation (NYSE:SMR - Get Free Report)'s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $44.44, but opened at $47.00. NuScale Power shares last traded at $47.74, with a volume of 2,117,967 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SMR shares. Citigroup started coverage on shares of NuScale Power in a research report on Monday, June 23rd. They issued a "neutral" rating and a $46.00 price target on the stock. BTIG Research lowered shares of NuScale Power from a "buy" rating to a "neutral" rating in a research report on Wednesday, June 25th. CLSA set a $41.00 price target on shares of NuScale Power and gave the company an "outperform" rating in a report on Tuesday, May 27th. UBS Group boosted their price target on shares of NuScale Power from $17.00 to $34.00 and gave the company a "neutral" rating in a report on Thursday, May 29th. Finally, Northland Capmk raised shares of NuScale Power to a "hold" rating in a report on Monday, July 7th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, NuScale Power currently has an average rating of "Hold" and an average target price of $32.00.

NuScale Power Stock Performance

The company's 50 day moving average price is $36.33 and its 200 day moving average price is $24.83. The company has a market cap of $14.76 billion, a price-to-earnings ratio of -36.96 and a beta of 2.04.

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

Insider Buying and Selling at NuScale Power

In other NuScale Power news, insider Clayton Scott sold 10,019 shares of the company's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $16.78, for a total transaction of $168,118.82. Following the transaction, the insider directly owned 86,965 shares in the company, valued at approximately $1,459,272.70. This represents a 10.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO John Lawrence Hopkins sold 34,675 shares of the company's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $17.00, for a total transaction of $589,475.00. Following the transaction, the chief executive officer owned 49,019 shares in the company, valued at approximately $833,323. The trade was a 41.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 95,278 shares of company stock worth $1,786,990. Company insiders own 1.27% of the company's stock.

Institutional Trading of NuScale Power

A number of institutional investors and hedge funds have recently modified their holdings of SMR. Samsung C&T Corp bought a new stake in shares of NuScale Power in the 4th quarter valued at about $46,745,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of NuScale Power by 1,220.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,845,116 shares of the company's stock valued at $26,127,000 after acquiring an additional 1,705,411 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of NuScale Power in the 4th quarter valued at about $22,823,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of NuScale Power by 20.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,841,836 shares of the company's stock valued at $96,880,000 after acquiring an additional 1,153,158 shares during the last quarter. Finally, CloudAlpha Capital Management Limited Hong Kong bought a new stake in shares of NuScale Power in the 1st quarter valued at about $14,271,000. 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.