NuScale Power (NYSE:SMR) Trading Down 7.7% After Earnings Miss

Key Points

• NuScale Power shares fell 7.7% after reporting an earnings miss, with a quarterly earnings per share of ($0.13) against an expectation of ($0.12).
• The company's revenue for the quarter was $8.05 million, which was significantly below the consensus estimate of $10.49 million.
• Recent analyst reports have mostly rated NuScale Power as "neutral," with eight analysts holding this view and a consensus target price of $33.00.

Shares of NuScale Power Corporation (NYSE:SMR - Get Free Report) traded down 7.7% on Friday following a weaker than expected earnings announcement. The stock traded as low as $40.20 and last traded at $41.24. 8,717,620 shares changed hands during trading, a decline of 24% from the average session volume of 11,518,482 shares. The stock had previously closed at $44.68.

The company reported ($0.13) earnings per share 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 business had revenue of $8.05 million for the quarter, compared to the consensus estimate of $10.49 million.

Analyst Ratings Changes

SMR has been the topic of several recent analyst reports. Citigroup assumed coverage on NuScale Power in a report on Monday, June 23rd. They issued a "neutral" rating and a $46.00 price target on the stock. The Goldman Sachs Group set a $24.00 target price on NuScale Power and gave the company a "neutral" rating in a research note on Tuesday, May 20th. BNP Paribas upgraded NuScale Power to a "hold" rating in a report on Friday, July 25th. BNP Paribas Exane assumed coverage on NuScale Power in a report on Friday, July 25th. They set a "neutral" rating and a $41.00 price objective on the stock. Finally, BTIG Research downgraded shares of NuScale Power from a "buy" rating to a "neutral" rating in a research note on Wednesday, June 25th. Eight equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $33.00.

Insider Transactions at NuScale Power

In other NuScale Power news, CEO John Lawrence Hopkins sold 26,345 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $23.66, for a total value of $623,322.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Carl M. Fisher sold 18,206 shares of the business's stock in a transaction that occurred 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 transaction, the chief operating officer directly owned 90,864 shares in the company, valued at $4,033,452.96. This trade represents a 16.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.27% of the stock is owned by insiders.

Institutional Investors Weigh In On NuScale Power

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Harbour Investments Inc. increased its position in NuScale Power by 21.3% during the 2nd quarter. Harbour Investments Inc. now owns 1,156 shares of the company's stock valued at $46,000 after buying an additional 203 shares in the last quarter. D.A. Davidson & CO. raised its position in shares of NuScale Power by 1.0% in the 2nd quarter. D.A. Davidson & CO. now owns 20,822 shares of the company's stock worth $824,000 after purchasing an additional 212 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its position in NuScale Power by 84.5% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 784 shares of the company's stock valued at $31,000 after purchasing an additional 359 shares during the last quarter. Union Bancaire Privee UBP SA lifted its stake in shares of NuScale Power by 9.1% in the second quarter. Union Bancaire Privee UBP SA now owns 4,612 shares of the company's stock worth $182,000 after buying an additional 386 shares in the last quarter. Finally, Albion Financial Group UT increased its position in shares of NuScale Power by 26.2% during the second quarter. Albion Financial Group UT now owns 2,045 shares of the company's stock valued at $81,000 after acquiring an additional 425 shares in the last quarter. 78.37% of the stock is owned by hedge funds and other institutional investors.

NuScale Power Stock Performance

The firm has a 50-day moving average of $40.67 and a 200-day moving average of $26.89. The firm has a market capitalization of $11.67 billion, a P/E ratio of -30.29 and a beta of 2.06.

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.