NuScale Power (NYSE:SMR) Shares Up 2.7% on Analyst Upgrade

Key Points

• NuScale Power shares rose 2.7% following an upgrade from Canaccord Genuity Group, which increased its price target from $36.00 to $44.00 and maintains a buy rating on the stock.
• Despite the positive ratings, the stock's trading volume saw a significant decline, with approximately 3.33 million shares traded compared to an average daily volume of 11.57 million shares.
• NuScale Power's recent earnings report showed a loss of ($0.13) EPS, missing expectations, and revenue of only $8.05 million, below analysts' expectations of $10.49 million.

Shares of NuScale Power Corporation (NYSE:SMR - Get Free Report) were up 2.7% during trading on Tuesday after Canaccord Genuity Group raised their price target on the stock from $36.00 to $44.00. Canaccord Genuity Group currently has a buy rating on the stock. NuScale Power traded as high as $39.73 and last traded at $39.27. Approximately 3,334,634 shares were traded during trading, a decline of 71% from the average daily volume of 11,572,164 shares. The stock had previously closed at $38.25.

Several other research firms have also recently weighed in on SMR. UBS Group reaffirmed a "neutral" rating and set a $38.00 target price (up from $34.00) on shares of NuScale Power in a research note on Monday. BTIG Research lowered shares of NuScale Power from a "buy" rating to a "neutral" rating in a research report on Wednesday, June 25th. BNP Paribas Exane started coverage on shares of NuScale Power in a report on Friday, July 25th. They issued a "neutral" rating and a $41.00 target price for the company. BNP Paribas upgraded shares of NuScale Power to a "hold" rating in a report on Friday, July 25th. Finally, The Goldman Sachs Group set a $24.00 target price on shares of NuScale Power and gave the stock a "neutral" rating in a report on Tuesday, May 20th. Eight equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, NuScale Power currently has an average rating of "Hold" and a consensus price target of $34.44.

Insider Activity

In other news, COO Carl M. Fisher sold 18,206 shares of the firm'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 completion of the transaction, the chief operating officer owned 90,864 shares of the company's stock, valued at approximately $4,033,452.96. This trade represents a 16.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO John Lawrence Hopkins sold 26,345 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $23.66, for a total transaction of $623,322.70. The disclosure for this sale can be found here. Company insiders own 1.96% of the company's stock.

Institutional Trading of NuScale Power

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of NuScale Power by 6.1% in the 1st quarter. Vanguard Group Inc. now owns 8,940,535 shares of the company's stock valued at $126,598,000 after acquiring an additional 512,618 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings 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 period. Geode Capital Management LLC grew its position in NuScale Power by 25.2% in the 2nd quarter. Geode Capital Management LLC now owns 2,854,664 shares of the company's stock valued at $112,944,000 after buying an additional 574,295 shares during the last quarter. Samsung C&T Corp purchased a new position in NuScale Power in the 4th quarter valued at $46,745,000. Finally, Swedbank AB grew its position in NuScale Power by 6.7% in the 1st quarter. Swedbank AB now owns 2,402,125 shares of the company's stock valued at $34,014,000 after buying an additional 149,875 shares during the last quarter. Institutional investors and hedge funds own 78.37% of the company's stock.

NuScale Power Stock Performance

The business's 50-day moving average is $40.93 and its two-hundred day moving average is $27.06. The stock has a market capitalization of $11.20 billion, a PE ratio of -33.08 and a beta of 2.06.

NuScale Power (NYSE:SMR - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate 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 2.86% and a negative net margin of 221.07%. Equities 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.

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