Zacks Research Downgrades NuScale Power (NYSE:SMR) to Strong Sell

NuScale Power (NYSE:SMR) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Wednesday,Zacks.com reports.

Other analysts also recently issued research reports about the company. Citigroup reissued a “sell” rating and issued a $37.50 price target (down previously from $46.00) on shares of NuScale Power in a report on Tuesday, October 21st. Weiss Ratings reiterated a “sell (e+)” rating on shares of NuScale Power in a research note on Wednesday, October 8th. Cantor Fitzgerald assumed coverage on shares of NuScale Power in a research report on Tuesday, October 21st. They set an “overweight” rating and a $55.00 price target for the company. BNP Paribas Exane lowered shares of NuScale Power from a “neutral” rating to an “underperform” rating in a research report on Tuesday, October 21st. Finally, BNP Paribas lowered shares of NuScale Power from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 21st. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $37.50.

NuScale Power Price Performance

NYSE:SMR traded down $0.50 during trading hours on Wednesday, reaching $22.65. 4,071,578 shares of the company were exchanged, compared to its average volume of 14,196,394. The firm has a market cap of $6.45 billion, a price-to-earnings ratio of -8.09 and a beta of 2.03. NuScale Power has a 52-week low of $11.08 and a 52-week high of $57.42. The stock has a 50 day simple moving average of $38.35 and a 200 day simple moving average of $36.22.

NuScale Power (NYSE:SMR) last announced its quarterly earnings results 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 business had revenue of $8.24 million for the quarter, compared to analysts’ expectations of $11.29 million. NuScale Power had a negative return on equity of 51.27% and a negative net margin of 594.63%.The firm’s revenue for the quarter was up 1635.2% on a year-over-year basis. During the same period last year, the company posted ($0.18) earnings per share. On average, analysts predict that NuScale Power will post -0.73 EPS for the current fiscal year.

Insider Buying and Selling

In other NuScale Power news, Director Corp Fluor sold 2,372,563 shares of the firm’s stock in a transaction that occurred 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 sale, the director owned 10,085,344 shares in the company, valued at approximately $443,654,282.56. This trade represents a 19.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders have sold 15,030,641 shares of company stock worth $605,953,415. 1.27% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On NuScale Power

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. CX Institutional bought a new position in NuScale Power in the third quarter valued at about $25,000. Nemes Rush Group LLC bought a new stake in shares of NuScale Power during the third quarter worth $25,000. Quantbot Technologies LP acquired a new stake in shares of NuScale Power in the 1st quarter valued at about $27,000. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of NuScale Power by 84.5% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 784 shares of the company’s stock worth $31,000 after acquiring an additional 359 shares in the last quarter. Finally, Indiana Trust & Investment Management Co acquired a new stake in NuScale Power in the 3rd quarter valued at $34,000. 78.37% of the stock is owned by institutional investors and hedge funds.

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.