NuScale Power Corporation (NYSE:SMR - Get Free Report)'s stock price shot up 9.2% during trading on Thursday . The stock traded as high as $38.26 and last traded at $37.92. 21,633,001 shares traded hands during mid-day trading, an increase of 59% from the average session volume of 13,636,166 shares. The stock had previously closed at $34.72.
Wall Street Analyst Weigh In
Several brokerages have commented on SMR. BNP Paribas downgraded shares of NuScale Power from a "hold" rating to a "strong sell" rating in a report on Tuesday. Weiss Ratings reissued a "sell (e+)" rating on shares of NuScale Power in a report on Wednesday, October 8th. Canaccord Genuity Group raised their price target on shares of NuScale Power from $44.00 to $60.00 and gave the company a "buy" rating in a report on Wednesday, September 3rd. Citigroup restated a "sell" rating and set a $37.50 price objective (down previously from $46.00) on shares of NuScale Power in a research report on Tuesday. Finally, UBS Group raised their price objective on shares of NuScale Power from $34.00 to $38.00 and gave the company a "neutral" rating in a research report on Monday, August 11th. Three research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Reduce" and a consensus price target of $37.73.
Read Our Latest Report on SMR
NuScale Power Stock Performance
The stock has a market cap of $10.80 billion, a PE ratio of -31.87 and a beta of 2.02. The company's 50-day moving average price is $38.36 and its two-hundred day moving average price is $33.82.
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 analysts' consensus estimates of ($0.12) by ($0.01). The business had revenue of $8.05 million during the quarter, compared to analysts' expectations of $10.49 million. NuScale Power had a positive return on equity of 2.61% and a negative net margin of 221.07%. Equities research analysts forecast that NuScale Power Corporation will post -0.73 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, Director Corp Fluor sold 2,372,563 shares of NuScale Power stock in a transaction on Friday, September 19th. The shares were sold at an average price of $43.99, for a total value of $104,369,046.37. Following the transaction, the director owned 10,085,344 shares in the company, valued at $443,654,282.56. This trade represents a 19.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have sold 15,048,847 shares of company stock valued at $606,761,579. 1.27% of the stock is owned by company insiders.
Hedge Funds Weigh In On NuScale Power
A number of large investors have recently added to or reduced their stakes in SMR. Truist Financial Corp increased its position in shares of NuScale Power by 23.3% in the second quarter. Truist Financial Corp now owns 47,645 shares of the company's stock valued at $1,885,000 after acquiring an additional 9,016 shares during the period. Cambridge Investment Research Advisors Inc. increased its position in shares of NuScale Power by 31.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 193,098 shares of the company's stock valued at $2,734,000 after acquiring an additional 46,744 shares during the period. Balboa Wealth Partners purchased a new position in shares of NuScale Power in the second quarter valued at about $466,000. Fox Hill Wealth Management increased its position in shares of NuScale Power by 29.1% in the second quarter. Fox Hill Wealth Management now owns 121,796 shares of the company's stock valued at $4,818,000 after acquiring an additional 27,462 shares during the period. Finally, MFG Wealth Management Inc. purchased a new position in shares of NuScale Power in the second quarter valued at about $1,829,000. Hedge funds and other institutional investors own 78.37% of the company's stock.
About NuScale Power
(
Get Free Report)
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.
Further Reading
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