NuScale Power (NYSE:SMR) Shares Down 6.3% Following Weak Earnings

NuScale Power Corporation (NYSE:SMR) shares fell 6.3% during mid-day trading on Friday following a dissappointing earnings announcement. The company traded as low as $26.77 and last traded at $30.4250. 41,469,831 shares traded hands during mid-day trading, an increase of 195% from the average session volume of 14,045,497 shares. The stock had previously closed at $32.46.

The company reported ($1.85) EPS for the quarter, missing the consensus estimate of ($0.11) by ($1.74). The firm had revenue of $8.24 million during the quarter, compared to the consensus estimate of $11.29 million. NuScale Power had a negative net margin of 221.07% and a positive return on equity of 2.61%. The company’s revenue was up 1635.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.18) EPS.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Canaccord Genuity Group boosted their price target on shares of NuScale Power from $44.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, September 3rd. Barclays assumed coverage on NuScale Power in a research report on Monday, September 29th. They issued an “equal weight” rating and a $45.00 target price on the stock. UBS Group increased their price target on NuScale Power from $34.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, August 11th. Cantor Fitzgerald assumed coverage on NuScale Power in a research report on Tuesday, October 21st. They set an “overweight” rating and a $55.00 price target on the stock. Finally, BNP Paribas cut NuScale Power from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 21st. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $37.73.

Insider Activity

In other news, Director Corp Fluor sold 87,900 shares of NuScale Power stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $39.58, for a total transaction of $3,479,082.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 15,030,641 shares of company stock valued at $605,953,415 over the last ninety days. Company insiders own 1.27% of the company’s stock.

Hedge Funds Weigh In On NuScale Power

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC increased its holdings in shares of NuScale Power by 51.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 17,522 shares of the company’s stock valued at $248,000 after purchasing an additional 5,974 shares during the last quarter. Teacher Retirement System of Texas grew its stake in NuScale Power by 20.9% in the 1st quarter. Teacher Retirement System of Texas now owns 45,454 shares of the company’s stock valued at $644,000 after buying an additional 7,852 shares during the last quarter. Bank of New York Mellon Corp grew its stake in NuScale Power by 5.2% in the 1st quarter. Bank of New York Mellon Corp now owns 258,626 shares of the company’s stock valued at $3,662,000 after buying an additional 12,879 shares during the last quarter. Arizona State Retirement System raised its holdings in NuScale Power by 19.8% in the 1st quarter. Arizona State Retirement System now owns 29,638 shares of the company’s stock valued at $420,000 after acquiring an additional 4,899 shares during the period. Finally, CWM LLC lifted its position in NuScale Power by 366.2% during the first quarter. CWM LLC now owns 44,512 shares of the company’s stock worth $630,000 after acquiring an additional 34,965 shares during the last quarter. 78.37% of the stock is owned by institutional investors.

NuScale Power Stock Down 6.3%

The business has a fifty day moving average price of $39.32 and a 200-day moving average price of $35.82. The company has a market cap of $8.67 billion, a P/E ratio of -25.57 and a beta of 2.03.

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.