NuScale Power (NYSE:SMR) Stock Price Down 8.5% - Here's What Happened

NuScale Power Corporation (NYSE:SMR - Get Free Report)'s share price dropped 8.5% on Wednesday . The stock traded as low as $39.11 and last traded at $39.58. Approximately 7,164,827 shares changed hands during trading, a decline of 27% from the average daily volume of 9,748,717 shares. The stock had previously closed at $43.24.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Canaccord Genuity Group set a $35.00 target price on shares of NuScale Power and gave the company a "buy" rating in a research note on Thursday, May 29th. BTIG Research downgraded NuScale Power from a "buy" rating to a "neutral" rating in a research note on Wednesday. The Goldman Sachs Group set a $24.00 target price on NuScale Power and gave the stock a "neutral" rating in a report on Tuesday, May 20th. Citigroup assumed coverage on NuScale Power in a report on Monday. They issued a "neutral" rating and a $46.00 price target for the company. Finally, CLSA set a $41.00 price objective on NuScale Power and gave the company an "outperform" rating in a report on Tuesday, May 27th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $29.38.

NuScale Power Price Performance

The firm has a 50-day moving average price of $26.51 and a two-hundred day moving average price of $21.97. The company has a market capitalization of $11.33 billion, a price-to-earnings ratio of -29.04 and a beta of 2.00.

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

Insider Buying and Selling at NuScale Power

In other news, CTO Jose N. Reyes, Jr. sold 33,000 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $15.13, for a total value of $499,290.00. Following the completion of the sale, the chief technology officer now owns 516,207 shares of the company's stock, valued at approximately $7,810,211.91. This represents a 6.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Clayton Scott sold 10,019 shares of the business's stock in a transaction on Monday, May 5th. The stock was sold at an average price of $16.78, for a total transaction of $168,118.82. Following the transaction, the insider now owns 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 disclosure for this sale can be found here. In the last three months, insiders have sold 128,278 shares of company stock worth $2,286,280. Insiders own 1.96% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SMR. Swedbank AB raised its holdings in shares of 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 purchasing an additional 149,875 shares during the period. Rhumbline Advisers increased its position in NuScale Power by 12.8% during the first quarter. Rhumbline Advisers now owns 125,708 shares of the company's stock worth $1,780,000 after buying an additional 14,304 shares during the last quarter. Geneos Wealth Management Inc. bought a new stake in NuScale Power in the first quarter valued at approximately $60,000. Integrity Alliance LLC. lifted its position in shares of NuScale Power by 56.3% in the first quarter. Integrity Alliance LLC. now owns 17,219 shares of the company's stock valued at $244,000 after buying an additional 6,200 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake 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 own 78.37% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.