NuScale Power (NYSE:SMR) Shares Down 2.7% on Disappointing Earnings

Key Points

• NuScale Power's (NYSE:SMR) shares fell by 2.7% after COO Carl M. Fisher sold 18,206 shares at an average price of $44.39, reducing his stake by 16.69%.
• Analysts have mixed views on the stock, with a consensus rating of "Hold" and an average price target of $33.00 according to data from MarketBeat.com.
• NuScale Power reported earnings of ($0.11) per share for the last quarter, surpassing expectations and achieving revenue of $13.38 million, significantly above the consensus estimate of $1.46 million.

NuScale Power Corporation (NYSE:SMR - Get Free Report)'s share price fell 2.7% during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $44.72 and last traded at $44.68. 4,135,560 shares changed hands during trading, a decline of 64% from the average session volume of 11,483,123 shares. The stock had previously closed at $45.93.

The company reported ($0.13) EPS for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.01). NuScale Power had a positive return on equity of 0.09% and a negative net margin of 273.36%. The company had revenue of $8.05 million for the quarter, compared to analysts' expectations of $10.49 million.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Northland Capmk upgraded shares of NuScale Power to a "hold" rating in a report on Monday, July 7th. 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. BNP Paribas upgraded NuScale Power to a "hold" rating in a report on Friday, July 25th. Citigroup initiated coverage on NuScale Power in a research note on Monday, June 23rd. They set a "neutral" rating and a $46.00 price objective for the company. Finally, CLSA set a $41.00 target price on NuScale Power and gave the company an "outperform" rating in a research note on Tuesday, May 27th. Eight analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $33.00.

Insider Activity

In other NuScale Power news, COO Carl M. Fisher sold 18,206 shares of the firm's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $44.39, for a total value of $808,164.34. Following the completion of the transaction, the chief operating officer owned 90,864 shares of the company's stock, valued at approximately $4,033,452.96. This trade represents a 16.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO John Lawrence Hopkins sold 26,345 shares of NuScale Power stock in a transaction on 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. 1.27% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On NuScale Power

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SMR. Geode Capital Management LLC grew its stake 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 valued at $112,944,000 after purchasing an additional 574,295 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in NuScale Power by 83.5% in the second quarter. PNC Financial Services Group Inc. now owns 6,716 shares of the company's stock valued at $266,000 after buying an additional 3,057 shares during the last quarter. Allworth Financial LP increased its holdings in NuScale Power by 15.3% in the 2nd quarter. Allworth Financial LP now owns 9,734 shares of the company's stock worth $385,000 after buying an additional 1,295 shares during the period. Fidelis Capital Partners LLC acquired a new position in NuScale Power in the 2nd quarter worth approximately $247,000. Finally, ProShare Advisors LLC raised its position in NuScale Power by 32.8% during the 2nd quarter. ProShare Advisors LLC now owns 26,003 shares of the company's stock worth $1,029,000 after buying an additional 6,427 shares during the last quarter. Hedge funds and other institutional investors own 78.37% of the company's stock.

NuScale Power Stock Performance

The firm's 50 day simple moving average is $40.67 and its 200 day simple moving average is $26.89. The firm has a market capitalization of $11.72 billion, a price-to-earnings ratio of -30.06 and a beta of 2.06.

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.