NuScale Power (NYSE:SMR) Shares Up 3.5% – Here’s Why

Shares of NuScale Power Co. (NYSE:SMR) were up 3.5% on Wednesday . The company traded as high as $28.42 and last traded at $27.25. Approximately 5,732,998 shares changed hands during mid-day trading, a decline of 10% from the average daily volume of 6,338,593 shares. The stock had previously closed at $26.34.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on SMR shares. Craig Hallum upped their price objective on NuScale Power from $16.00 to $21.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. CLSA initiated coverage on shares of NuScale Power in a research report on Friday, September 13th. They set an “outperform” rating and a $11.00 price target on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, NuScale Power presently has a consensus rating of “Moderate Buy” and an average target price of $10.39.

NuScale Power Trading Up 6.5 %

The company has a current ratio of 2.24, a quick ratio of 2.24 and a debt-to-equity ratio of 0.26. The business has a 50 day moving average of $18.49 and a two-hundred day moving average of $12.61. The firm has a market cap of $7.17 billion, a P/E ratio of -29.54 and a beta of 1.12.

Insider Activity

In related news, insider Robert K. Temple sold 144,627 shares of NuScale Power stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $10.90, for a total transaction of $1,576,434.30. Following the completion of the sale, the insider now owns 14,054 shares of the company’s stock, valued at approximately $153,188.60. The trade was a 91.14 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold 409,051 shares of company stock valued at $5,525,671 over the last ninety days. 1.96% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NuScale Power

Several hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its stake in shares of NuScale Power by 25.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 19,729 shares of the company’s stock worth $106,000 after purchasing an additional 4,014 shares during the period. Virtu Financial LLC bought a new position in NuScale Power during the 1st quarter worth $98,000. Swedbank AB acquired a new stake in shares of NuScale Power during the first quarter worth $18,585,000. Simplicity Wealth LLC bought a new stake in shares of NuScale Power in the second quarter valued at about $159,000. Finally, Fortitude Family Office LLC acquired a new position in shares of NuScale Power in the second quarter valued at about $98,000. 15.28% of the stock is currently owned by institutional investors and hedge funds.

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.