NuScale Power (NYSE:SMR) Sets New 52-Week Low on Analyst Downgrade

Key Points

• NuScale Power shares hit a new 52-week low after Barclays downgraded the stock to Underweight and set a $5.00 price target; shares fell to $5.25 intraday.
• Analyst sentiment remains cautious, with a consensus Hold rating and $12.50 price target. Citigroup and UBS also issued Sell ratings and lowered their targets.
• The company reported a quarterly loss of $0.13 per share and revenue of just $0.07 million, down 99.1% year over year; insiders have sold 88,651 shares over the past 90 days.

NuScale Power Corporation (NYSE:SMR - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Tuesday after Barclays downgraded the stock from an equal weight rating to an underweight rating. Barclays now has a $5.00 price target on the stock. NuScale Power traded as low as $5.25 and last traded at $5.3650, with a volume of 1,923,853 shares traded. The stock had previously closed at $5.69.

Several other equities research analysts have also commented on the company. Citigroup dropped their price target on NuScale Power from $7.50 to $6.50 and set a "sell" rating for the company in a research note on Thursday, August 6th. Northland Securities set a $16.00 target price on shares of NuScale Power in a research report on Thursday, August 6th. UBS Group lowered shares of NuScale Power from a "neutral" rating to a "sell" rating and cut their price target for the company from $10.00 to $6.00 in a report on Friday, September 11th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of NuScale Power in a research report on Monday, September 21st. Finally, Royal Bank Of Canada decreased their price objective on shares of NuScale Power from $14.00 to $10.00 and set a "sector perform" rating for the company in a research note on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, seven have given a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $12.50.

Insider Buying and Selling

In other NuScale Power news, COO Carl Fisher sold 18,771 shares of the company's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $9.36, for a total value of $175,696.56. Following the completion of the transaction, the chief operating officer owned 114,718 shares in the company, valued at $1,073,760.48. This represents a 14.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Shinji Fujino sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $8.86, for a total value of $177,200.00. Following the completion of the transaction, the director owned 17,242 shares of the company's stock, valued at approximately $152,764.12. This represents a 53.70% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 88,651 shares of company stock valued at $791,270. Corporate insiders own 1.28% of the company's stock.

Hedge Funds Weigh In On NuScale Power

A number of institutional investors have recently made changes to their positions in SMR. Renaissance Technologies LLC bought a new stake in NuScale Power during the first quarter valued at $59,141,000. Bank of America Corp DE boosted its position in shares of NuScale Power by 33.4% during the first quarter. Bank of America Corp DE now owns 2,062,232 shares of the company's stock worth $22,355,000 after buying an additional 516,097 shares during the period. Swedbank AB boosted its position in NuScale Power by 36.3% during the 1st quarter. Swedbank AB now owns 1,502,300 shares of the company's stock worth $16,285,000 after acquiring an additional 400,240 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new position in NuScale Power in the 1st quarter valued at about $4,336,000. Finally, Corient Private Wealth LP boosted its holdings in shares of NuScale Power by 1,495.8% in the second quarter. Corient Private Wealth LP now owns 338,023 shares of the company's stock valued at $3,390,000 after acquiring an additional 316,841 shares in the last quarter. 78.37% of the stock is owned by institutional investors and hedge funds.

NuScale Power Trading Down 4.6%

The firm has a 50-day moving average price of $8.58 and a 200-day moving average price of $9.81. The company has a market capitalization of $2.33 billion, a price-to-earnings ratio of -1.86 and a beta of 2.36.

NuScale Power (NYSE:SMR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.13) EPS for the quarter, hitting the consensus estimate of ($0.13). NuScale Power had a negative net margin of 3,888.70% and a negative return on equity of 35.59%. The firm had revenue of $0.07 million for the quarter, compared to analysts' expectations of $8.80 million. During the same period in the previous year, the business earned ($0.11) earnings per share. NuScale Power's revenue for the quarter was down 99.1% compared to the same quarter last year. Equities research analysts predict that NuScale Power Corporation will post -0.64 EPS for the current fiscal year.

NuScale Power Company Profile

NuScale Power Corporation develops small modular reactor (SMR) technology for producing electricity and other forms of low-carbon energy. The company's core product is the NuScale Power Module, a compact pressurized-water reactor designed to be manufactured in a factory, transported to a site and deployed in scalable configurations.

NuScale markets its technology through the VOYGR power plant platform, which can combine multiple reactor modules to meet the needs of utilities, industrial users and other customers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.