NuScale Power (NYSE:SMR) Shares Gap Up to $4.16

NuScale Power Co. (NYSE:SMR)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $4.16, but opened at $4.53. NuScale Power shares last traded at $5.00, with a volume of 5,248,940 shares traded.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. UBS Group boosted their price target on NuScale Power from $2.00 to $10.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 19th. Canaccord Genuity Group lifted their price objective on NuScale Power from $4.25 to $8.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Wells Fargo & Company reiterated an “underweight” rating and issued a $4.50 price target (down from $7.50) on shares of NuScale Power in a report on Tuesday, March 19th. Finally, Canaccord Genuity Group began coverage on NuScale Power in a report on Monday, January 29th. They issued a “buy” rating and a $4.25 price target for the company. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $7.75.

NuScale Power Trading Down 7.7 %

The company’s 50 day moving average price is $3.83 and its 200-day moving average price is $3.75. The company has a market capitalization of $1.24 billion, a PE ratio of -6.64 and a beta of 0.90.

Insider Buying and Selling

In related news, CEO John Lawrence Hopkins sold 59,768 shares of the company’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $4.20, for a total transaction of $251,025.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.06% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NuScale Power

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC boosted its position in NuScale Power by 11.2% in the 3rd quarter. FMR LLC now owns 2,983,460 shares of the company’s stock valued at $14,619,000 after buying an additional 301,548 shares during the last quarter. Raymond James & Associates acquired a new stake in shares of NuScale Power in the 3rd quarter valued at about $439,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of NuScale Power by 54.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,219,262 shares of the company’s stock valued at $15,774,000 after purchasing an additional 1,132,131 shares in the last quarter. Swiss National Bank raised its stake in shares of NuScale Power by 17.2% in the 3rd quarter. Swiss National Bank now owns 62,600 shares of the company’s stock valued at $307,000 after purchasing an additional 9,200 shares in the last quarter. Finally, Van ECK Associates Corp raised its stake in shares of NuScale Power by 66.9% in the 3rd quarter. Van ECK Associates Corp now owns 158,470 shares of the company’s stock valued at $777,000 after purchasing an additional 63,519 shares in the last quarter. 15.28% of the stock is owned by hedge funds and other 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.