NuScale Power (NYSE:SMR) Trading Down 13.2% Following Analyst Downgrade

Key Points

• NuScale Power's stock fell 13.2% after BNP Paribas downgraded it to an underperform rating, with shares trading as low as $38.32.
• Despite the downgrade, Cantor Fitzgerald assigned an "overweight" rating with a target price of $55.00, while the average target price is currently $37.73.
• Insiders have been actively selling shares, with one director selling 87,900 shares valued at over $3.4 million, contributing to a total of 15 million shares sold by insiders in the last three months.

NuScale Power Corporation (NYSE:SMR - Get Free Report) was down 13.2% during trading on Tuesday after BNP Paribas downgraded the stock to an underperform rating. The company traded as low as $38.32 and last traded at $38.37. Approximately 30,211,676 shares changed hands during trading, an increase of 124% from the average daily volume of 13,469,913 shares. The stock had previously closed at $44.21.

A number of other research analysts have also recently commented on SMR. Cantor Fitzgerald started coverage on shares of NuScale Power in a research report on Tuesday. They set an "overweight" rating and a $55.00 target price on the stock. BNP Paribas Exane cut shares of NuScale Power from a "neutral" rating to an "underperform" rating in a research report on Tuesday. Northland Capmk raised shares of NuScale Power to a "hold" rating in a research report on Monday, July 7th. Canaccord Genuity Group lifted their price target on shares of NuScale Power from $44.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, September 3rd. Finally, Northland Securities initiated coverage on shares of NuScale Power in a report on Monday, July 7th. They issued a "market perform" rating and a $35.00 price objective for the company. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have issued a Sell rating to the company. According to MarketBeat, NuScale Power presently has an average rating of "Reduce" and a consensus target price of $37.73.

Insiders Place Their Bets

In other NuScale Power news, Director Corp Fluor sold 87,900 shares of the company's stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $39.58, for a total value of $3,479,082.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last three months, insiders have sold 15,048,847 shares of company stock valued at $606,761,579. 1.96% of the stock is currently owned by corporate insiders.

Institutional Trading of NuScale Power

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in NuScale Power by 6.1% during the 1st quarter. Vanguard Group Inc. now owns 8,940,535 shares of the company's stock worth $126,598,000 after buying an additional 512,618 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in NuScale Power by 20.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,841,836 shares of the company's stock worth $96,880,000 after buying an additional 1,153,158 shares during the period. Geode Capital Management LLC raised its holdings in NuScale Power by 25.2% during the 2nd quarter. Geode Capital Management LLC now owns 2,854,664 shares of the company's stock worth $112,944,000 after buying an additional 574,295 shares during the period. State Street Corp raised its holdings in NuScale Power by 37.5% during the 2nd quarter. State Street Corp now owns 2,736,187 shares of the company's stock worth $108,244,000 after buying an additional 746,667 shares during the period. Finally, Swedbank AB raised its holdings in NuScale Power by 6.7% during the 1st quarter. Swedbank AB now owns 2,402,125 shares of the company's stock worth $34,014,000 after buying an additional 149,875 shares during the period. Institutional investors and hedge funds own 78.37% of the company's stock.

NuScale Power Trading Down 13.2%

The company has a fifty day simple moving average of $38.41 and a 200-day simple moving average of $33.78. The stock has a market cap of $10.93 billion, a price-to-earnings ratio of -32.24 and a beta of 2.02.

NuScale Power (NYSE:SMR - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.13) earnings per share (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 analyst estimates of $10.49 million. NuScale Power had a positive return on equity of 2.61% and a negative net margin of 221.07%. As a group, analysts anticipate that NuScale Power Corporation will post -0.73 earnings per share 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.

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.