NuScale Power (NYSE:SMR) Shares Gap Up to $7.35

NuScale Power Co. (NYSE:SMR - Get Free Report)'s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $7.35, but opened at $7.68. NuScale Power shares last traded at $7.16, with a volume of 1,666,285 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Canaccord Genuity Group began coverage on shares of NuScale Power in a research note on Monday, January 29th. They issued a "buy" rating and a $4.25 target price on the stock. Canaccord Genuity Group raised their price objective on shares of NuScale Power from $4.25 to $8.00 and gave the company a "buy" rating in a research report on Monday, March 18th. UBS Group upped their target price on shares of NuScale Power from $2.00 to $10.00 and gave the stock a "neutral" rating in a research report on Tuesday, March 19th. Finally, Wells Fargo & Company restated an "underweight" rating and set a $4.50 price target (down previously from $7.50) on shares of NuScale Power in a research report on Tuesday, March 19th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $7.75.

NuScale Power Stock Performance

The business's 50-day moving average is $5.77 and its 200-day moving average is $3.90. The company has a market capitalization of $1.64 billion, a PE ratio of -8.25 and a beta of 0.98.

NuScale Power (NYSE:SMR - Get Free Report) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.21) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.21). The firm had revenue of $1.38 million during the quarter, compared to analyst estimates of $3.15 million. NuScale Power had a negative return on equity of 38.66% and a negative net margin of 342.39%. During the same quarter in the previous year, the firm earned ($0.16) EPS. Analysts expect that NuScale Power Co. will post -0.64 EPS for the current year.

Insider Activity at NuScale Power

In other news, CEO John Lawrence Hopkins sold 59,768 shares of the firm's stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $4.20, for a total value of $251,025.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Clayton Scott sold 7,191 shares of the firm's stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $6.04, for a total transaction of $43,433.64. Following the sale, the insider now directly owns 43,549 shares in the company, valued at approximately $263,035.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John Lawrence Hopkins sold 59,768 shares of the firm's stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $4.20, for a total value of $251,025.60. The disclosure for this sale can be found here. Insiders have sold a total of 115,899 shares of company stock worth $590,771 over the last quarter. Company insiders own 1.96% of the company's stock.

Hedge Funds Weigh In On NuScale Power

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of NuScale Power by 3.8% in the third quarter. Vanguard Group Inc. now owns 5,536,389 shares of the company's stock valued at $27,128,000 after purchasing an additional 204,505 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of NuScale Power by 5.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,391,670 shares of the company's stock worth $11,159,000 after buying an additional 172,408 shares in the last quarter. FMR LLC increased its holdings in shares of NuScale Power by 11.2% in the 3rd quarter. FMR LLC now owns 2,983,460 shares of the company's stock worth $14,619,000 after buying an additional 301,548 shares during the last quarter. Rheos Capital Works Inc. purchased a new stake in shares of NuScale Power during the 1st quarter valued at about $1,328,000. Finally, Van ECK Associates Corp lifted its holdings in shares of NuScale Power by 66.9% in the 3rd quarter. Van ECK Associates Corp now owns 158,470 shares of the company's stock valued at $777,000 after acquiring an additional 63,519 shares during the last quarter. 15.28% of the stock is owned by hedge funds and other institutional investors.

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.