NuScale Power (NYSE:SMR) Shares Up 7.6% – Here’s Why

NuScale Power Corporation (NYSE:SMR)’s share price traded up 7.6% during trading on Wednesday . The stock traded as high as $9.35 and last traded at $9.30. 35,998,409 shares traded hands during mid-day trading, an increase of 18% from the average session volume of 30,453,809 shares. The stock had previously closed at $8.64.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SMR shares. HSBC began coverage on NuScale Power in a report on Thursday, April 23rd. They set a “hold” rating and a $13.00 price target on the stock. Truist Financial initiated coverage on shares of NuScale Power in a research report on Monday, July 13th. They set a “hold” rating and a $10.00 target price on the stock. Canaccord Genuity Group reduced their target price on shares of NuScale Power from $25.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. B. Riley Financial dropped their price target on shares of NuScale Power from $19.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, August 14th. Finally, Royal Bank Of Canada cut their price target on shares of NuScale Power from $14.00 to $10.00 and set a “sector perform” rating on the stock in a report on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $13.50.

NuScale Power Stock Up 7.6%

The company has a market cap of $4.00 billion, a price-to-earnings ratio of -3.18 and a beta of 2.26. The firm has a 50 day moving average price of $9.37 and a two-hundred day moving average price of $11.37.

NuScale Power (NYSE:SMR) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.13) EPS for the quarter, hitting analysts’ consensus estimates of ($0.13). NuScale Power had a negative return on equity of 35.59% and a negative net margin of 3,888.70%.The company had revenue of $0.07 million for the quarter, compared to analyst estimates of $8.80 million. During the same period in the previous year, the firm earned ($0.11) earnings per share. The firm’s quarterly revenue was down 99.1% on a year-over-year basis. On average, equities analysts expect that NuScale Power Corporation will post -0.64 earnings per share for the current year.

Insider Activity

In other news, COO Carl M. Fisher sold 18,771 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $9.36, for a total value of $175,696.56. Following the transaction, the chief operating officer owned 114,718 shares in the company, valued at approximately $1,073,760.48. The trade was a 14.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 1.28% of the company’s stock.

Hedge Funds Weigh In On NuScale Power

Hedge funds have recently bought and sold shares of the company. Vermillion & White Wealth Management Group LLC lifted its holdings in NuScale Power by 1,550.9% in the fourth quarter. Vermillion & White Wealth Management Group LLC now owns 1,783 shares of the company’s stock valued at $25,000 after buying an additional 1,675 shares during the period. Assetmark Inc. grew its holdings in NuScale Power by 1,940.3% during the 1st quarter. Assetmark Inc. now owns 2,428 shares of the company’s stock worth $26,000 after acquiring an additional 2,309 shares during the period. Ameriflex Group Inc. acquired a new stake in NuScale Power during the 4th quarter worth about $30,000. Strategic Advocates LLC raised its position in shares of NuScale Power by 233.0% in the 4th quarter. Strategic Advocates LLC now owns 2,321 shares of the company’s stock worth $33,000 after acquiring an additional 1,624 shares in the last quarter. Finally, Harbour Investments Inc. raised its position in shares of NuScale Power by 32.4% in the 4th quarter. Harbour Investments Inc. now owns 2,419 shares of the company’s stock worth $34,000 after acquiring an additional 592 shares in the last quarter. Institutional investors own 78.37% of the company’s stock.

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.