NuScale Power (NYSE:SMR) Trading Down 9.7% After Analyst Downgrade

Key Points

• NuScale Power's stock has dropped 9.7% to around $34.67 following a downgrade by BNP Paribas from a hold to a strong sell rating, significantly increasing trading volume.
• Approximately 38% of analysts rate the stock as a Buy, while 7 have a Hold rating and 5 classify it as a Sell, giving it a consensus price target of $37.73.
• In a recent insider transaction, the Director sold over 2.3 million shares for approximately $104.37 million, marking a significant decrease in their ownership of NuScale Power.

NuScale Power Corporation (NYSE:SMR - Get Free Report) was down 9.7% during mid-day trading on Wednesday after BNP Paribas downgraded the stock from a hold rating to a strong sell rating. The stock traded as low as $32.69 and last traded at $34.67. Approximately 38,381,981 shares changed hands during mid-day trading, an increase of 183% from the average daily volume of 13,585,639 shares. The stock had previously closed at $38.37.

A number of other equities research analysts have also recently issued reports on SMR. Royal Bank Of Canada started coverage on NuScale Power in a research note on Monday, September 15th. They issued a "sector perform" rating and a $35.00 price objective on the stock. Northland Securities started coverage on NuScale Power in a research note on Monday, July 7th. They issued a "market perform" rating and a $35.00 price objective on the stock. Barclays assumed coverage on NuScale Power in a research note on Monday, September 29th. They issued an "equal weight" rating and a $45.00 price objective on the stock. BTIG Research cut NuScale Power from a "buy" rating to a "neutral" rating in a research report on Wednesday, June 25th. Finally, Northland Capmk raised NuScale Power to a "hold" rating in a research note on Monday, July 7th. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the company's stock. According to MarketBeat.com, NuScale Power has a consensus rating of "Reduce" and a consensus price target of $37.73.

Insider Transactions at NuScale Power

In other NuScale Power news, Director Corp Fluor sold 2,372,563 shares of the stock in a transaction on Friday, September 19th. The stock was sold at an average price of $43.99, for a total value of $104,369,046.37. Following the completion of the transaction, the director owned 10,085,344 shares in the company, valued at approximately $443,654,282.56. This represents a 19.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 15,048,847 shares of company stock valued at $606,761,579 in the last ninety days. 1.96% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On NuScale Power

Institutional investors have recently modified their holdings of the stock. Quantbot Technologies LP purchased a new stake in shares of NuScale Power in the first quarter worth $27,000. Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of NuScale Power by 84.5% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 784 shares of the company's stock valued at $31,000 after buying an additional 359 shares during the last quarter. Indiana Trust & Investment Management Co purchased a new position in NuScale Power in the third quarter worth about $34,000. Rothschild Investment LLC boosted its position in NuScale Power by 45.2% in the second quarter. Rothschild Investment LLC now owns 1,125 shares of the company's stock worth $45,000 after purchasing an additional 350 shares during the last quarter. Finally, Harbour Investments Inc. raised its stake in shares of NuScale Power by 21.3% in the second quarter. Harbour Investments Inc. now owns 1,156 shares of the company's stock worth $46,000 after buying an additional 203 shares during the period. 78.37% of the stock is owned by hedge funds and other institutional investors.

NuScale Power Stock Down 9.7%

The firm has a 50 day moving average price of $38.42 and a 200 day moving average price of $33.81. The stock has a market cap of $9.88 billion, a P/E ratio of -29.13 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) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.01). NuScale Power had a positive return on equity of 2.61% and a negative net margin of 221.07%.The company had revenue of $8.05 million during the quarter, compared to the consensus estimate of $10.49 million. Equities analysts predict that NuScale Power Corporation will post -0.73 earnings per share for the current fiscal 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.

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