NuScale Power (NYSE:SMR) Shares Gap Up – Time to Buy?

Shares of NuScale Power Corporation (NYSE:SMR) gapped up before the market opened on Wednesday . The stock had previously closed at $35.63, but opened at $38.22. NuScale Power shares last traded at $37.9890, with a volume of 4,406,000 shares.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SMR. BNP Paribas cut NuScale Power from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 21st. Barclays assumed coverage on shares of NuScale Power in a research note on Monday, September 29th. They issued an “equal weight” rating and a $45.00 price target on the stock. BNP Paribas Exane cut shares of NuScale Power from a “neutral” rating to an “underperform” rating in a research note on Tuesday, October 21st. Bank of America reissued an “underperform” rating and issued a $34.00 price target (down previously from $38.00) on shares of NuScale Power in a research note on Tuesday, September 30th. Finally, UBS Group boosted their price objective on shares of NuScale Power from $34.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, August 11th. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat.com, NuScale Power has an average rating of “Reduce” and an average price target of $37.73.

NuScale Power Stock Down 6.3%

The firm’s 50 day simple moving average is $39.24 and its 200 day simple moving average is $35.94. The company has a market cap of $8.67 billion, a price-to-earnings ratio of -10.64 and a beta of 2.03.

NuScale Power (NYSE:SMR) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($1.85) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($1.74). The company had revenue of $8.24 million for the quarter, compared to the consensus estimate of $11.29 million. NuScale Power had a negative net margin of 594.63% and a negative return on equity of 49.74%. NuScale Power’s revenue for the quarter was up 1635.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.18) earnings per share. Analysts anticipate that NuScale Power Corporation will post -0.73 EPS for the current fiscal year.

Insider Activity

In other NuScale Power news, Director Corp Fluor sold 2,372,563 shares of the firm’s stock in a transaction dated Friday, September 19th. The shares were 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 directly owned 10,085,344 shares in the company, valued at $443,654,282.56. This trade represents a 19.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In the last 90 days, insiders sold 15,030,641 shares of company stock valued at $605,953,415. Insiders own 1.27% of the company’s stock.

Hedge Funds Weigh In On NuScale Power

Hedge funds have recently added to or reduced their stakes in the company. Harbour Investments Inc. grew its position in NuScale Power by 21.3% in the second quarter. Harbour Investments Inc. now owns 1,156 shares of the company’s stock valued at $46,000 after acquiring an additional 203 shares during the period. D.A. Davidson & CO. grew its holdings 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. Pasadena Private Wealth LLC grew its holdings in shares of NuScale Power by 4.9% in the 3rd quarter. Pasadena Private Wealth LLC now owns 6,147 shares of the company’s stock worth $221,000 after purchasing an additional 287 shares during the last quarter. Family Capital Management Inc. lifted its holdings in NuScale Power by 3.5% during the 3rd quarter. Family Capital Management Inc. now owns 8,682 shares of the company’s stock valued at $313,000 after purchasing an additional 291 shares during the last quarter. Finally, Cibc World Market Inc. raised its stake in shares of NuScale Power by 3.8% in the third quarter. Cibc World Market Inc. now owns 9,000 shares of the company’s stock valued at $324,000 after acquiring an additional 329 shares during the last quarter. Institutional investors and hedge funds own 78.37% of the company’s stock.

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.