NuScale Power (NYSE:SMR) Posts Earnings Results, Misses Estimates By $1.74 EPS

NuScale Power (NYSE:SMR) announced its earnings results on Thursday. The company reported ($1.85) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($1.74), FiscalAI reports. NuScale Power had a negative net margin of 594.63% and a negative return on equity of 49.74%. The firm had revenue of $8.24 million during the quarter, compared to analysts’ expectations of $11.29 million. During the same period in the previous year, the firm earned ($0.18) EPS. The firm’s revenue for the quarter was up 1635.2% compared to the same quarter last year.

NuScale Power Trading Down 6.3%

NYSE:SMR traded down $2.04 during trading hours on Friday, hitting $30.43. The company’s stock had a trading volume of 42,179,870 shares, compared to its average volume of 26,208,580. NuScale Power has a 52-week low of $11.08 and a 52-week high of $57.42. The stock has a market capitalization of $8.67 billion, a P/E ratio of -10.64 and a beta of 2.03. The stock has a fifty day moving average of $39.24 and a 200-day moving average of $35.94.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on SMR shares. 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 for the company. Cantor Fitzgerald started coverage on shares of NuScale Power in a research note on Tuesday, October 21st. They issued an “overweight” rating and a $55.00 price objective for the company. Citigroup reiterated a “sell” rating and set a $37.50 target price (down 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. Finally, BNP Paribas Exane cut NuScale Power from a “neutral” rating to an “underperform” rating in a research note on Tuesday, October 21st. 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, the stock currently has an average rating of “Reduce” and a consensus price target of $37.73.

Insider Activity

In other news, Director Corp Fluor sold 2,372,563 shares of the stock in a transaction dated 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 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last ninety days, insiders sold 15,030,641 shares of company stock worth $605,953,415. Corporate insiders own 1.27% of the company’s stock.

Institutional Trading of NuScale Power

Several institutional investors and hedge funds have recently made changes to their positions in SMR. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of NuScale Power by 1,220.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,845,116 shares of the company’s stock valued at $26,127,000 after purchasing an additional 1,705,411 shares during the period. Bank of America Corp DE lifted its stake in NuScale Power by 80.9% in the second quarter. Bank of America Corp DE now owns 2,333,248 shares of the company’s stock valued at $92,303,000 after buying an additional 1,043,676 shares during the last quarter. Man Group plc acquired a new stake in shares of NuScale Power in the second quarter valued at approximately $33,877,000. State Street Corp boosted its holdings in shares of NuScale Power by 37.5% in the second quarter. State Street Corp now owns 2,736,187 shares of the company’s stock valued at $108,244,000 after acquiring an additional 746,667 shares during the period. Finally, Royal Bank of Canada grew its position in shares of NuScale Power by 623.4% during the first quarter. Royal Bank of Canada now owns 457,276 shares of the company’s stock worth $6,475,000 after acquiring an additional 394,065 shares during the last quarter. 78.37% of the stock is owned by hedge funds and other institutional investors.

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.