NuScale Power (NYSE:SMR) Shares Up 9.4% - Here's What Happened

Key Points

• NuScale Power shares jumped 9.4% in midday trading Tuesday, reaching as high as $8.74 on heavy volume of 35.9 million shares, well above its average daily volume.
• Despite the rally, analysts remain cautious overall: the stock has a consensus “Hold” rating and an average price target of $15.46, though individual targets range from $7 to $19.
• Recent fundamentals were weak, with NuScale reporting a Q1 loss of $0.14 per share on just $0.56 million in revenue, far below expectations, while institutional ownership remains high at 78.37%.

NuScale Power Corporation (NYSE:SMR - Get Free Report) was up 9.4% during mid-day trading on Tuesday . The company traded as high as $8.74 and last traded at $8.71. 35,903,729 shares changed hands during mid-day trading, an increase of 18% from the average session volume of 30,306,785 shares. The stock had previously closed at $7.96.

Analyst Ratings Changes

SMR has been the subject of several research reports. Northland Securities set a $19.00 price target on shares of NuScale Power in a research report on Monday, May 11th. B. Riley Financial decreased their target price on shares of NuScale Power from $24.00 to $19.00 and set a "buy" rating for the company in a research note on Friday, April 24th. Bank of America started coverage on NuScale Power in a research report on Friday, May 22nd. They issued a "neutral" rating and a $12.00 price target on the stock. Citigroup reduced their price objective on NuScale Power from $9.00 to $7.00 and set a "sell" rating for the company in a research note on Monday, May 11th. Finally, Truist Financial started coverage on NuScale Power in a research report on Monday, July 13th. They set a "hold" rating and a $10.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, NuScale Power currently has an average rating of "Hold" and an average target price of $15.46.

NuScale Power Stock Performance

The stock's fifty day moving average price is $10.47 and its 200-day moving average price is $12.83. The firm has a market cap of $3.18 billion, a PE ratio of -2.98 and a beta of 2.24.

NuScale Power (NYSE:SMR - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.03). NuScale Power had a negative return on equity of 48.88% and a negative net margin of 2,066.55%.The company had revenue of $0.56 million for the quarter, compared to analyst estimates of $7.00 million. The business's quarterly revenue was down 95.8% compared to the same quarter last year. Sell-side analysts forecast that NuScale Power Corporation will post -0.46 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NuScale Power

A number of institutional investors have recently modified their holdings of the company. Royal Bank of Canada increased its stake in NuScale Power by 623.4% in the first quarter. Royal Bank of Canada now owns 457,276 shares of the company's stock valued at $6,475,000 after purchasing an additional 394,065 shares during the last quarter. AQR Capital Management LLC grew its holdings in NuScale Power by 37.4% in the 1st quarter. AQR Capital Management LLC now owns 37,614 shares of the company's stock valued at $533,000 after buying an additional 10,244 shares during the period. Integrated Wealth Concepts LLC acquired a new position in shares of NuScale Power during the 1st quarter valued at about $390,000. Jones Financial Companies Lllp increased its stake in shares of NuScale Power by 9.1% during the 1st quarter. Jones Financial Companies Lllp now owns 16,793 shares of the company's stock valued at $238,000 after acquiring an additional 1,394 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of NuScale Power by 1,220.7% during 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 worth $26,127,000 after acquiring an additional 1,705,411 shares during the period. Institutional investors and hedge funds own 78.37% of the company's stock.

NuScale Power Company Profile

NuScale Power Corporation, trading on the NYSE American under the ticker SMR, is a pioneering developer of small modular nuclear reactors. Established in 2007 as a spinout from Oregon State University, the company is headquartered in Portland, Oregon. NuScale’s mission is to deliver zero-carbon baseload power through scalable modular reactor technology, aiming to transform traditional nuclear energy deployment.

At the core of NuScale’s offering is the VOYGR small modular reactor design, featuring 77-megawatt electric (MWe) modules with passive safety systems.

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