Raymond James & Associates Cuts Stake in NuScale Power Co. (NYSE:SMR)

Raymond James & Associates cut its holdings in shares of NuScale Power Co. (NYSE:SMR) by 83.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,442 shares of the company’s stock after selling 75,196 shares during the quarter. Raymond James & Associates’ holdings in NuScale Power were worth $48,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in NuScale Power during the 3rd quarter worth $143,000. J.W. Cole Advisors Inc. increased its stake in shares of NuScale Power by 37.2% during the third quarter. J.W. Cole Advisors Inc. now owns 42,843 shares of the company’s stock worth $210,000 after buying an additional 11,625 shares during the period. Bank of New York Mellon Corp raised its holdings in NuScale Power by 2.0% in the third quarter. Bank of New York Mellon Corp now owns 148,639 shares of the company’s stock valued at $728,000 after acquiring an additional 2,844 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in NuScale Power by 153.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,064 shares of the company’s stock worth $133,000 after acquiring an additional 16,371 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in NuScale Power by 54.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,219,262 shares of the company’s stock worth $15,774,000 after acquiring an additional 1,132,131 shares in the last quarter. Hedge funds and other institutional investors own 15.28% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Canaccord Genuity Group raised their price objective on shares of NuScale Power from $4.25 to $8.00 and gave the company a “buy” rating in a report on Monday, March 18th. UBS Group upped their price objective on NuScale Power from $2.00 to $10.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 19th. Wells Fargo & Company restated an “underweight” rating and set a $4.50 target price (down previously from $7.50) on shares of NuScale Power in a research note on Tuesday, March 19th. Finally, Canaccord Genuity Group initiated coverage on NuScale Power in a report on Monday, January 29th. They issued a “buy” rating and a $4.25 price target for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, NuScale Power currently has an average rating of “Hold” and an average price target of $7.75.

NuScale Power Stock Performance

NuScale Power stock opened at $6.02 on Friday. The company has a market capitalization of $1.41 billion, a P/E ratio of -7.53 and a beta of 0.98. NuScale Power Co. has a fifty-two week low of $1.81 and a fifty-two week high of $11.21. The stock has a 50-day simple moving average of $5.19 and a 200-day simple moving average of $3.75.

NuScale Power (NYSE:SMR) last posted its quarterly earnings data on Thursday, March 14th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The firm had revenue of $4.56 million during the quarter, compared to analyst estimates of $1.75 million. NuScale Power had a negative net margin of 255.86% and a negative return on equity of 29.93%. As a group, analysts forecast that NuScale Power Co. will post -0.41 earnings per share for the current year.

Insider Buying and Selling

In other NuScale Power news, CEO John Lawrence Hopkins sold 59,768 shares of NuScale Power stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $4.20, for a total value of $251,025.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.96% of the stock is owned by company insiders.

NuScale Power 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.