NuScale Power (NYSE:SMR) Shares Gap Up – What’s Next?

NuScale Power Co. (NYSE:SMR) shares gapped up prior to trading on Thursday . The stock had previously closed at $17.93, but opened at $18.57. NuScale Power shares last traded at $18.28, with a volume of 1,545,194 shares changing hands.

Analyst Ratings Changes

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

NuScale Power Price Performance

The company has a 50 day moving average price of $22.77 and a 200-day moving average price of $15.13. The company has a quick ratio of 2.24, a current ratio of 2.24 and a debt-to-equity ratio of 0.26. The company has a market cap of $4.60 billion, a price-to-earnings ratio of -18.95 and a beta of 1.33.

Insider Activity

In other news, insider Robert K. Temple sold 68,558 shares of the stock in a transaction on Friday, October 4th. The shares were sold at an average price of $13.02, for a total transaction of $892,625.16. Following the completion of the sale, the insider now directly owns 14,054 shares in the company, valued at $182,983.08. This represents a 82.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Jacqueline F. Engel sold 18,186 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $29.00, for a total transaction of $527,394.00. Following the sale, the vice president now directly owns 3,801 shares in the company, valued at $110,229. This trade represents a 82.71 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 202,610 shares of company stock valued at $3,528,780. Company insiders own 1.96% of the company’s stock.

Hedge Funds Weigh In On NuScale Power

Large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its stake in shares of NuScale Power by 97.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 278,513 shares of the company’s stock worth $3,256,000 after acquiring an additional 137,382 shares in the last quarter. Principal Financial Group Inc. bought a new stake in NuScale Power in the 2nd quarter worth about $123,000. International Assets Investment Management LLC purchased a new stake in NuScale Power in the 2nd quarter valued at about $64,000. Commonwealth Equity Services LLC lifted its position in shares of NuScale Power by 85.9% during the 2nd quarter. Commonwealth Equity Services LLC now owns 78,411 shares of the company’s stock worth $917,000 after buying an additional 36,236 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in shares of NuScale Power by 62.9% in the 2nd quarter. Rhumbline Advisers now owns 104,341 shares of the company’s stock worth $1,220,000 after buying an additional 40,305 shares during the last quarter. 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.