Wealth Effects LLC Takes $683,000 Position in NuScale Power Corporation (NYSE:SMR)

Wealth Effects LLC purchased a new position in shares of NuScale Power Corporation (NYSE:SMR) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 48,200 shares of the company’s stock, valued at approximately $683,000.

A number of other hedge funds have also recently added to or reduced their stakes in SMR. Samsung C&T Corp purchased a new position in NuScale Power during the 4th quarter worth approximately $46,745,000. Arrowstreet Capital Limited Partnership purchased a new position in NuScale Power during the 4th quarter worth approximately $22,823,000. Vanguard Group Inc. grew its stake in NuScale Power by 8.2% during the 4th quarter. Vanguard Group Inc. now owns 8,427,917 shares of the company’s stock worth $151,113,000 after buying an additional 635,271 shares during the last quarter. Alyeska Investment Group L.P. purchased a new position in NuScale Power during the 4th quarter worth approximately $7,628,000. Finally, TB Alternative Assets Ltd. purchased a new position in NuScale Power during the 1st quarter worth approximately $5,938,000. Hedge funds and other institutional investors own 78.37% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on SMR shares. Canaccord Genuity Group set a $35.00 price target on NuScale Power and gave the stock a “buy” rating in a research note on Thursday, May 29th. Citigroup started coverage on NuScale Power in a research note on Monday. They issued a “neutral” rating and a $46.00 target price on the stock. BTIG Research downgraded NuScale Power from a “buy” rating to a “neutral” rating in a research note on Wednesday. The Goldman Sachs Group set a $24.00 target price on NuScale Power and gave the company a “neutral” rating in a research note on Tuesday, May 20th. Finally, UBS Group lifted their target price on NuScale Power from $17.00 to $34.00 and gave the company a “neutral” rating in a research note on Thursday, May 29th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, NuScale Power currently has an average rating of “Moderate Buy” and an average target price of $29.38.

Insider Activity

In other news, insider Clayton Scott sold 10,019 shares of the firm’s stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $16.78, for a total value of $168,118.82. Following the completion of the sale, the insider now directly owns 86,965 shares of the company’s stock, valued at $1,459,272.70. This trade represents a 10.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Jose N. Reyes, Jr. sold 33,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $15.13, for a total value of $499,290.00. Following the completion of the sale, the chief technology officer now directly owns 516,207 shares of the company’s stock, valued at $7,810,211.91. This represents a 6.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 128,278 shares of company stock valued at $2,286,280 in the last three months. 1.27% of the stock is currently owned by company insiders.

NuScale Power Trading Down 10.5%

Shares of SMR stock opened at $38.70 on Thursday. The business’s 50 day moving average is $26.99 and its two-hundred day moving average is $22.08. The company has a market capitalization of $11.01 billion, a P/E ratio of -28.25 and a beta of 2.00. NuScale Power Corporation has a twelve month low of $6.88 and a twelve month high of $45.31.

NuScale Power (NYSE:SMR) last posted its quarterly earnings results on Monday, May 12th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.06. The business had revenue of $13.38 million during the quarter, compared to analysts’ expectations of $1.46 million. NuScale Power had a positive return on equity of 0.09% and a negative net margin of 273.36%. As a group, equities analysts predict that NuScale Power Corporation will post -0.73 earnings per share for the current fiscal year.

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.