NuScale Power (NYSE:SMR) Shares Down 13.4% – Here’s Why

NuScale Power Co. (NYSE:SMR) dropped 13.4% on Wednesday . The stock traded as low as $18.81 and last traded at $18.81. Approximately 4,306,158 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 9,577,696 shares. The stock had previously closed at $21.72.

Analysts Set New Price Targets

A number of research firms have commented on SMR. Craig Hallum lifted their target price on shares of NuScale Power from $16.00 to $21.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. CLSA started coverage on NuScale Power in a research note on Friday, September 13th. They issued an “outperform” rating and a $11.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, NuScale Power has an average rating of “Moderate Buy” and an average price target of $10.39.

NuScale Power Price Performance

The business has a fifty day moving average of $22.84 and a two-hundred day moving average of $15.49. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.24 and a current ratio of 2.24. The firm has a market capitalization of $4.86 billion, a price-to-earnings ratio of -20.02 and a beta of 1.47.

Insider Transactions at NuScale Power

In other NuScale Power news, CEO John Lawrence Hopkins sold 664,568 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $18.04, for a total value of $11,988,806.72. Following the sale, the chief executive officer now owns 34,675 shares in the company, valued at $625,537. This trade represents a 95.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Robert K. Temple sold 115,866 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $18.20, for a total value of $2,108,761.20. Following the completion of the transaction, the insider now directly owns 14,054 shares of the company’s stock, valued at approximately $255,782.80. The trade was a 89.18 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 798,620 shares of company stock valued at $14,624,962. 1.96% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On NuScale Power

Several large investors have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its position in shares of NuScale Power by 204.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 166,629 shares of the company’s stock worth $1,930,000 after purchasing an additional 111,812 shares in the last quarter. Franklin Resources Inc. acquired a new position in shares of NuScale Power during the third quarter valued at about $555,000. Tidal Investments LLC acquired a new position in NuScale Power during the 3rd quarter valued at about $118,000. Barclays PLC boosted its holdings in NuScale Power by 472.3% during the third quarter. Barclays PLC now owns 150,791 shares of the company’s stock worth $1,746,000 after purchasing an additional 124,441 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in NuScale Power by 21.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,829,843 shares of the company’s stock valued at $21,194,000 after purchasing an additional 317,285 shares during the period. 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.