NuScale Power (NYSE:SMR) Trading 13.4% Higher – Here’s What Happened

NuScale Power Corporation (NYSE:SMR) shares shot up 13.4% on Thursday . The company traded as high as $8.68 and last traded at $8.61. 34,756,949 shares were traded during trading, an increase of 14% from the average session volume of 30,459,830 shares. The stock had previously closed at $7.59.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SMR. Citigroup reiterated a “sell” rating on shares of NuScale Power in a research report on Wednesday, July 22nd. The Goldman Sachs Group set a $9.00 price objective on NuScale Power in a research report on Friday, May 8th. Northland Securities set a $19.00 target price on NuScale Power in a report on Monday, May 11th. B. Riley Financial decreased their target price on NuScale Power from $24.00 to $19.00 and set a “buy” rating for the company in a research report on Friday, April 24th. Finally, Truist Financial began coverage on NuScale Power in a research note on Monday, July 13th. They issued a “hold” rating and a $10.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $15.15.

NuScale Power Stock Performance

The company has a market capitalization of $3.15 billion, a PE ratio of -2.95 and a beta of 2.24. The business’s 50-day moving average is $10.08 and its 200-day moving average is $12.39.

NuScale Power (NYSE:SMR) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.03). The business had revenue of $0.56 million for the quarter, compared to the consensus estimate of $7.00 million. NuScale Power had a negative return on equity of 48.88% and a negative net margin of 2,066.55%.NuScale Power’s quarterly revenue was down 95.8% compared to the same quarter last year. Analysts expect that NuScale Power Corporation will post -0.46 EPS for the current year.

Institutional Trading of NuScale Power

A number of hedge funds have recently made changes to their positions in SMR. Renaissance Technologies LLC bought a new stake in NuScale Power in the first quarter worth $59,141,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of NuScale Power by 35.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 822,779 shares of the company’s stock valued at $11,659,000 after acquiring an additional 213,329 shares in the last quarter. Swedbank AB raised its position in shares of NuScale Power by 36.3% in the 1st quarter. Swedbank AB now owns 1,502,300 shares of the company’s stock worth $16,285,000 after purchasing an additional 400,240 shares during the last quarter. Caz Investments LP raised its position in shares of NuScale Power by 10,000.0% in the 4th quarter. Caz Investments LP now owns 101,000 shares of the company’s stock worth $1,431,000 after purchasing an additional 100,000 shares during the last quarter. Finally, Seven Grand Managers LLC bought a new position in NuScale Power in the 4th quarter worth about $1,771,000. 78.37% of the stock is owned by institutional investors.

About NuScale Power

NuScale Power Corporation, trading on the NYSE American under the ticker SMR, is a pioneering developer of small modular nuclear reactors. Established in 2007 as a spinout from Oregon State University, the company is headquartered in Portland, Oregon. NuScale’s mission is to deliver zero-carbon baseload power through scalable modular reactor technology, aiming to transform traditional nuclear energy deployment.

At the core of NuScale’s offering is the VOYGR small modular reactor design, featuring 77-megawatt electric (MWe) modules with passive safety systems.