NuScale Power (NYSE:SMR) Trading 7.6% Higher - Here's Why

NuScale Power Corporation (NYSE:SMR - Get Free Report) shares rose 7.6% during trading on Wednesday . The company traded as high as $49.24 and last traded at $47.82. Approximately 5,797,581 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 10,092,911 shares. The stock had previously closed at $44.44.

Wall Street Analyst Weigh In

SMR has been the topic of a number of recent research 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. Citigroup started coverage on NuScale Power in a research note on Monday, June 23rd. They set a "neutral" rating and a $46.00 price objective on the stock. Canaccord Genuity Group set a $35.00 price objective on NuScale Power and gave the stock a "buy" rating in a research note on Thursday, May 29th. The Goldman Sachs Group set a $24.00 price objective on NuScale Power and gave the stock a "neutral" rating in a research note on Tuesday, May 20th. Finally, CLSA set a $41.00 price target on NuScale Power and gave the company an "outperform" rating in a research note on Tuesday, May 27th. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $32.00.

NuScale Power Stock Up 3.6%

The firm has a market cap of $14.09 billion, a P/E ratio of -36.10 and a beta of 2.04. The business has a fifty day moving average of $36.33 and a 200 day moving average of $24.83.

NuScale Power (NYSE:SMR - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.17) by $0.06. NuScale Power had a positive return on equity of 0.09% and a negative net margin of 273.36%. The company had revenue of $13.38 million during the quarter, compared to analysts' expectations of $1.46 million. Research analysts expect that NuScale Power Corporation will post -0.73 EPS for the current year.

Insider Transactions at NuScale Power

In other news, insider Clayton Scott sold 10,019 shares of NuScale Power stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $16.78, for a total value of $168,118.82. Following the completion of the sale, the insider directly owned 86,965 shares in the company, valued at approximately $1,459,272.70. The trade was a 10.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John Lawrence Hopkins sold 26,345 shares of the 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 disclosure for this sale can be found here. Insiders sold a total of 95,278 shares of company stock worth $1,786,990 over the last quarter. Company insiders own 1.27% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of NuScale Power by 84.5% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 784 shares of the company's stock worth $31,000 after purchasing an additional 359 shares during the last quarter. Toth Financial Advisory Corp grew its stake in shares of NuScale Power by 185.0% in the second quarter. Toth Financial Advisory Corp now owns 1,710 shares of the company's stock worth $68,000 after purchasing an additional 1,110 shares during the last quarter. Oliver Lagore Vanvalin Investment Group bought a new stake in shares of NuScale Power in the second quarter worth $69,000. CoreCap Advisors LLC bought a new stake in NuScale Power during the fourth quarter valued at $33,000. Finally, Quantbot Technologies LP bought a new stake in NuScale Power during the first quarter valued at $27,000. 78.37% of the stock is currently owned by institutional investors and hedge funds.

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.