NuScale Power (NYSE:SMR) Shares Down 9.4% – Here’s What Happened

NuScale Power Corporation (NYSE:SMR)’s share price dropped 9.4% on Monday . The stock traded as low as $18.05 and last traded at $18.1140. Approximately 20,429,676 shares changed hands during trading, an increase of 39% from the average daily volume of 14,689,937 shares. The stock had previously closed at $20.00.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SMR. Royal Bank Of Canada dropped their price objective on NuScale Power from $35.00 to $32.00 and set a “sector perform” rating on the stock in a research note on Monday, November 10th. Canaccord Genuity Group raised their price target on NuScale Power from $44.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, September 3rd. BNP Paribas downgraded shares of NuScale Power from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 21st. Barclays initiated coverage on shares of NuScale Power in a report on Monday, September 29th. They set an “equal weight” rating and a $45.00 price objective on the stock. Finally, Citigroup reaffirmed a “sell” rating and set a $37.50 target price (down previously from $46.00) on shares of NuScale Power in a research report on Tuesday, October 21st. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat.com, NuScale Power currently has a consensus rating of “Reduce” and an average target price of $36.12.

NuScale Power Price Performance

The stock’s fifty day simple moving average is $33.63 and its 200-day simple moving average is $36.56. The firm has a market cap of $5.53 billion, a PE ratio of -6.43 and a beta of 2.09.

NuScale Power (NYSE:SMR) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($1.85) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($1.74). NuScale Power had a negative net margin of 594.63% and a negative return on equity of 51.27%. The company had revenue of $8.24 million for the quarter, compared to analysts’ expectations of $11.29 million. During the same period last year, the firm earned ($0.18) earnings per share. NuScale Power’s quarterly revenue was up 1635.2% compared to the same quarter last year. Analysts expect that NuScale Power Corporation will post -0.73 earnings per share for the current year.

Insider Buying and Selling at NuScale Power

In related news, Director Corp Fluor sold 2,372,563 shares of the company’s 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 completion of the transaction, the director owned 10,085,344 shares of the company’s stock, valued at approximately $443,654,282.56. This represents a 19.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 15,000,000 shares of company stock valued at $604,862,902. 1.20% of the stock is owned by insiders.

Institutional Investors Weigh In On NuScale Power

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CX Institutional purchased a new stake in NuScale Power during the 3rd quarter worth approximately $25,000. Nemes Rush Group LLC acquired a new stake in NuScale Power during the 3rd quarter worth $25,000. Strategic Advocates LLC acquired a new stake in shares of NuScale Power in the third quarter valued at about $25,000. Quantbot Technologies LP purchased a new position in shares of NuScale Power in the first quarter worth about $27,000. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its position in NuScale Power by 84.5% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 784 shares of the company’s stock worth $31,000 after acquiring an additional 359 shares during the last quarter. Hedge funds and other institutional investors own 78.37% of the company’s stock.

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.