NuScale Power (NYSE:SMR) Shares Down 6.7% After Analyst Downgrade

NuScale Power Corporation (NYSE:SMR)’s stock price dropped 6.7% during mid-day trading on Monday after Royal Bank Of Canada lowered their price target on the stock from $35.00 to $32.00. Royal Bank Of Canada currently has a sector perform rating on the stock. NuScale Power traded as low as $27.56 and last traded at $28.30. Approximately 31,261,969 shares were traded during mid-day trading, an increase of 121% from the average daily volume of 14,130,960 shares. The stock had previously closed at $30.34.

Several other equities research analysts also recently commented on SMR. Barclays began coverage on NuScale Power in a report on Monday, September 29th. They set an “equal weight” rating and a $45.00 target price on the stock. Cantor Fitzgerald started coverage on NuScale Power in a research note on Tuesday, October 21st. They set an “overweight” rating and a $55.00 price objective for the company. Citigroup restated a “sell” rating and issued a $37.50 target price (down previously from $46.00) on shares of NuScale Power in a research note on Tuesday, October 21st. Bank of America reiterated an “underperform” rating and issued a $34.00 price target (down from $38.00) on shares of NuScale Power in a report on Tuesday, September 30th. Finally, UBS Group raised their price target on shares of NuScale Power from $34.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, August 11th. Three equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $37.50.

Insider Activity

In related news, Director Corp Fluor sold 2,372,563 shares of the firm’s stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $43.99, for a total transaction of $104,369,046.37. Following the transaction, the director owned 10,085,344 shares in the company, valued at $443,654,282.56. This trade represents a 19.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 15,030,641 shares of company stock valued at $605,953,415 in the last ninety days. Company insiders own 1.96% of the company’s stock.

Institutional Trading of NuScale Power

A number of hedge funds have recently bought and sold shares of the stock. CX Institutional acquired a new stake in shares of NuScale Power in the 3rd quarter valued at $25,000. Thurston Springer Miller Herd & Titak Inc. raised its position in NuScale Power by 84.5% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 784 shares of the company’s stock valued at $31,000 after purchasing an additional 359 shares during the last quarter. Indiana Trust & Investment Management Co bought a new position in shares of NuScale Power in the third quarter valued at about $34,000. Ameritas Advisory Services LLC boosted its position in NuScale Power by 292.9% in the 3rd quarter. Ameritas Advisory Services LLC now owns 1,100 shares of the company’s stock valued at $40,000 after buying an additional 820 shares during the last quarter. Finally, Rothschild Investment LLC raised its stake in shares of NuScale Power by 45.2% during the second quarter. Rothschild Investment LLC now owns 1,125 shares of the company’s stock worth $45,000 after buying an additional 350 shares during the last quarter. 78.37% of the stock is owned by institutional investors.

NuScale Power Price Performance

The firm has a 50 day simple moving average of $39.24 and a two-hundred day simple moving average of $36.23. The stock has a market cap of $8.06 billion, a price-to-earnings ratio of -9.90 and a beta of 2.03.

NuScale Power (NYSE:SMR) last posted its earnings results on Thursday, November 6th. The company reported ($1.85) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($1.74). The business had revenue of $8.24 million during the quarter, compared to analyst estimates of $11.29 million. NuScale Power had a negative net margin of 594.63% and a negative return on equity of 49.74%. The firm’s revenue was up 1635.2% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.18) earnings per share. On average, sell-side analysts expect that NuScale Power Corporation will post -0.73 earnings per share for the current fiscal year.

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.