NuScale Power (NYSE:SMR) Shares Gap Up – Here’s Why

NuScale Power Corporation (NYSE:SMR)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $21.13, but opened at $22.62. NuScale Power shares last traded at $22.0730, with a volume of 6,658,658 shares.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Bank of America reiterated an “underperform” rating and set a $34.00 price target (down previously from $38.00) on shares of NuScale Power in a report on Tuesday, September 30th. Citigroup reaffirmed a “sell” rating and issued a $37.50 price objective (down from $46.00) on shares of NuScale Power in a research report on Tuesday, October 21st. Cantor Fitzgerald initiated coverage on NuScale Power in a research note on Tuesday, October 21st. They set an “overweight” rating and a $55.00 target price on the stock. Zacks Research cut NuScale Power from a “hold” rating to a “strong sell” rating in a research note on Wednesday, November 12th. Finally, BNP Paribas downgraded NuScale Power from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 21st. Three investment 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $37.50.

NuScale Power Price Performance

The firm has a 50-day simple moving average of $37.31 and a 200-day simple moving average of $36.48. The firm has a market capitalization of $5.95 billion, a PE ratio of -7.00 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 the consensus estimate of ($0.11) by ($1.74). The business had revenue of $8.24 million during the quarter, compared to the consensus estimate of $11.29 million. NuScale Power had a negative return on equity of 51.27% and a negative net margin of 594.63%.NuScale Power’s revenue for the quarter was up 1635.2% on a year-over-year basis. During the same quarter last year, the company earned ($0.18) EPS. Equities analysts expect that NuScale Power Corporation will post -0.73 earnings per share for the current year.

Insider Activity

In other news, Director Corp Fluor sold 87,900 shares of the company’s stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $39.58, for a total value of $3,479,082.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders have sold 15,030,641 shares of company stock worth $605,953,415. Insiders own 1.27% of the company’s stock.

Institutional Trading of NuScale Power

Hedge funds have recently bought and sold shares of the stock. Clear Street Group Inc. purchased a new position in shares of NuScale Power during the 3rd quarter valued at about $155,616,000. Samsung C&T Corp increased its holdings in NuScale Power by 98.9% in the 3rd quarter. Samsung C&T Corp now owns 5,185,804 shares of the company’s stock worth $186,689,000 after acquiring an additional 2,578,702 shares in the last quarter. Van ECK Associates Corp raised its stake in NuScale Power by 67.2% during the 3rd quarter. Van ECK Associates Corp now owns 5,287,814 shares of the company’s stock worth $190,362,000 after acquiring an additional 2,125,250 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in NuScale Power by 1,220.7% during the first 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 in the last quarter. Finally, Alyeska Investment Group L.P. purchased a new stake in shares of NuScale Power in the third quarter worth $51,985,000. Institutional investors 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.