NuScale Power (NYSE:SMR) Trading 13.9% Higher After Analyst Upgrade

Key Points

• NuScale Power's stock experienced a 13.9% increase following an analyst upgrade from Canaccord Genuity Group, which raised its price target from $44.00 to $60.00.
• Despite the positive outlook, the stock currently holds an average rating of "Hold" with a price target of $36.20, as indicated by multiple analysts.
• Insider transactions revealed that both the CFO and COO sold shares recently, indicating a decrease in their ownership stakes in the company.

NuScale Power Corporation (NYSE:SMR - Get Free Report)'s stock price rose 13.9% on Wednesday after Canaccord Genuity Group raised their price target on the stock from $44.00 to $60.00. Canaccord Genuity Group currently has a buy rating on the stock. NuScale Power traded as high as $42.82 and last traded at $42.43. Approximately 16,737,816 shares were traded during trading, an increase of 44% from the average daily volume of 11,600,999 shares. The stock had previously closed at $37.24.

Several other research firms also recently commented on SMR. BNP Paribas raised NuScale Power to a "hold" rating in a report on Friday, July 25th. Northland Capmk raised NuScale Power to a "hold" rating in a report on Monday, July 7th. CLSA set a $41.00 price objective on NuScale Power and gave the company an "outperform" rating in a report on Tuesday, May 27th. UBS Group increased their price objective on NuScale Power from $34.00 to $38.00 and gave the company a "neutral" rating in a report on Monday, August 11th. Finally, The Goldman Sachs Group set a $24.00 price target on NuScale Power and gave the company a "neutral" rating in a report on Tuesday, May 20th. Three analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $36.20.

Insider Transactions at NuScale Power

In other news, CFO Robert Ramsey Hamady sold 30,641 shares of the firm's stock in a transaction dated 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 transaction, the chief financial officer directly owned 46,283 shares in the company, valued at $1,647,211.97. This trade represents a 39.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Carl M. Fisher sold 18,206 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $44.39, for a total value of $808,164.34. Following the sale, the chief operating officer owned 90,864 shares of the company's stock, valued at approximately $4,033,452.96. This represents a 16.69% decrease in their position. The disclosure for this sale can be found here. 1.27% of the stock is owned by company insiders.

Institutional Trading of NuScale Power

A number of hedge funds and other institutional investors have recently made changes to their positions in SMR. Price T Rowe Associates Inc. MD increased its position in shares of NuScale Power by 26.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 37,010 shares of the company's stock valued at $665,000 after purchasing an additional 7,630 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of NuScale Power by 17.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 34,009 shares of the company's stock worth $610,000 after acquiring an additional 5,146 shares during the last quarter. Northern Trust Corp raised its stake in shares of NuScale Power by 20.3% in the fourth quarter. Northern Trust Corp now owns 801,193 shares of the company's stock worth $14,365,000 after purchasing an additional 135,178 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in shares of NuScale Power by 34.1% in the fourth quarter. Ameriprise Financial Inc. now owns 52,612 shares of the company's stock worth $943,000 after acquiring an additional 13,373 shares during the period. Finally, BNP Paribas Financial Markets purchased a new position in NuScale Power during the fourth quarter valued at $4,273,000. 78.37% of the stock is currently owned by institutional investors.

NuScale Power Stock Down 2.0%

The company has a fifty day simple moving average of $40.34 and a 200-day simple moving average of $28.49. The firm has a market cap of $10.06 billion, a P/E ratio of -29.70 and a beta of 2.03.

NuScale Power (NYSE:SMR - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.01). NuScale Power had a positive return on equity of 2.61% and a negative net margin of 221.07%.The firm had revenue of $8.05 million during the quarter, compared to the consensus estimate of $10.49 million. As a group, research analysts forecast that NuScale Power Corporation will post -0.73 EPS for the current year.

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.