NuScale Power (NYSE:SMR) Stock Price Down 8.1% After Insider Selling

Shares of NuScale Power Co. (NYSE:SMR) dropped 8.1% on Tuesday after an insider sold shares in the company. The company traded as low as $20.81 and last traded at $21.74. Approximately 6,612,647 shares changed hands during mid-day trading, a decline of 31% from the average daily volume of 9,562,080 shares. The stock had previously closed at $23.66.

Specifically, CEO John Lawrence Hopkins sold 664,568 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $18.04, for a total value of $11,988,806.72. Following the completion of the sale, the chief executive officer now owns 34,675 shares in the company, valued at approximately $625,537. This trade represents a 95.04 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analyst Weigh In

SMR has been the subject of a number of recent analyst reports. CLSA started coverage on shares of NuScale Power in a research report on Friday, September 13th. They issued an “outperform” rating and a $11.00 price objective for the company. Craig Hallum raised their price target on NuScale Power from $16.00 to $21.00 and gave the company a “buy” rating in a report on Thursday, October 17th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $10.39.

NuScale Power Stock Performance

The company has a market capitalization of $5.55 billion, a PE ratio of -22.88 and a beta of 1.47. The stock has a 50-day simple moving average of $22.83 and a 200 day simple moving average of $15.41. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.24 and a quick ratio of 2.24.

Institutional Investors Weigh In On NuScale Power

A number of large investors have recently added to or reduced their stakes in the business. Van ECK Associates Corp grew its position in shares of NuScale Power by 90.0% in the third quarter. Van ECK Associates Corp now owns 1,235,457 shares of the company’s stock valued at $14,307,000 after purchasing an additional 585,292 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in NuScale Power by 212.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 677,248 shares of the company’s stock valued at $7,843,000 after buying an additional 460,487 shares during the last quarter. Geode Capital Management LLC increased its position in NuScale Power by 21.0% during the third quarter. Geode Capital Management LLC now owns 1,829,843 shares of the company’s stock worth $21,194,000 after buying an additional 317,285 shares in the last quarter. TimesSquare Capital Management LLC acquired a new position in shares of NuScale Power in the third quarter worth $2,895,000. Finally, State Street Corp lifted its position in shares of NuScale Power by 10.2% in the third quarter. State Street Corp now owns 1,674,995 shares of the company’s stock valued at $19,396,000 after acquiring an additional 154,368 shares in the last quarter. 78.37% of the stock is owned by institutional investors and hedge funds.

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.