NuScale Power (NYSE:SMR) Stock Price Up 10% – Here’s Why

NuScale Power Co. (NYSE:SMR)’s share price rose 10% during mid-day trading on Monday . The company traded as high as $23.16 and last traded at $22.94. Approximately 6,478,670 shares changed hands during trading, a decline of 13% from the average daily volume of 7,489,361 shares. The stock had previously closed at $20.85.

Analyst Upgrades and Downgrades

SMR has been the subject of a number of research reports. CLSA started coverage on shares of NuScale Power in a research note on Friday, September 13th. They issued an “outperform” rating and a $11.00 price target for the company. Craig Hallum raised their target price on NuScale Power from $16.00 to $21.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.39.

NuScale Power Price Performance

The firm’s fifty day simple moving average is $22.80 and its 200-day simple moving average is $15.31. The firm has a market capitalization of $6.05 billion, a PE ratio of -24.93 and a beta of 1.47. The company has a quick ratio of 2.24, a current ratio of 2.24 and a debt-to-equity ratio of 0.26.

Insider Activity at NuScale Power

In other NuScale Power news, VP Jacqueline F. Engel sold 18,186 shares of the firm’s stock in a transaction that occurred 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 owns 3,801 shares in the company, valued at approximately $110,229. This trade represents a 82.71 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert K. Temple sold 115,866 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $18.20, for a total transaction of $2,108,761.20. Following the completion of the transaction, the insider now owns 14,054 shares of the company’s stock, valued at approximately $255,782.80. The trade was a 89.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.96% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Canal Insurance CO raised its position in NuScale Power by 35.0% during the third quarter. Canal Insurance CO now owns 216,000 shares of the company’s stock valued at $2,501,000 after purchasing an additional 56,000 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of NuScale Power by 212.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 677,248 shares of the company’s stock worth $7,843,000 after purchasing an additional 460,487 shares during the last quarter. Verition Fund Management LLC boosted its stake in shares of NuScale Power by 319.9% during the third quarter. Verition Fund Management LLC now owns 113,476 shares of the company’s stock valued at $1,314,000 after purchasing an additional 86,454 shares during the period. Stifel Financial Corp increased its stake in NuScale Power by 581.8% in the 3rd quarter. Stifel Financial Corp now owns 118,355 shares of the company’s stock worth $1,371,000 after buying an additional 100,995 shares during the period. Finally, Benjamin Edwards Inc. bought a new stake in NuScale Power during the 3rd quarter valued at about $277,000. 78.37% of the stock is currently owned by institutional investors.

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.