NuScale Power (NYSE:SMR) Shares Gap Up on Analyst Upgrade

Shares of NuScale Power Co. (NYSE:SMR) gapped up before the market opened on Thursday after B. Riley raised their price target on the stock from $8.00 to $14.00. The stock had previously closed at $11.52, but opened at $12.01. B. Riley currently has a buy rating on the stock. NuScale Power shares last traded at $11.71, with a volume of 975,681 shares changing hands.

SMR has been the subject of several other reports. Wells Fargo & Company reissued an “underweight” rating and set a $4.50 price objective (down from $7.50) on shares of NuScale Power in a research note on Tuesday, March 19th. UBS Group increased their price target on NuScale Power from $2.00 to $10.00 and gave the company a “neutral” rating in a research report on Tuesday, March 19th. Finally, Canaccord Genuity Group boosted their price objective on NuScale Power from $4.25 to $8.00 and gave the stock a “buy” rating in a report on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $8.15.

Insider Transactions at NuScale Power

In other NuScale Power news, CTO Jose N. Reyes, Jr. sold 15,776 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $6.04, for a total value of $95,287.04. Following the completion of the sale, the chief technology officer now owns 478,306 shares in the company, valued at approximately $2,888,968.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CTO Jose N. Reyes, Jr. sold 15,776 shares of NuScale Power stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $6.04, for a total value of $95,287.04. Following the completion of the sale, the chief technology officer now owns 478,306 shares of the company’s stock, valued at approximately $2,888,968.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Clayton Scott sold 7,191 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $6.04, for a total value of $43,433.64. Following the transaction, the insider now directly owns 43,549 shares in the company, valued at approximately $263,035.96. The disclosure for this sale can be found here. Insiders sold a total of 56,131 shares of company stock valued at $339,745 over the last quarter. Company insiders own 1.96% of the company’s stock.

Institutional Investors Weigh In On NuScale Power

Several hedge funds and other institutional investors have recently modified their holdings of SMR. Vanguard Group Inc. increased its position in shares of NuScale Power by 3.8% during the third quarter. Vanguard Group Inc. now owns 5,536,389 shares of the company’s stock valued at $27,128,000 after purchasing an additional 204,505 shares during the period. Swedbank AB acquired a new stake in shares of NuScale Power in the 1st quarter valued at $18,585,000. Mirae Asset Global Investments Co. Ltd. lifted its position in NuScale Power by 5.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,391,670 shares of the company’s stock valued at $11,159,000 after purchasing an additional 172,408 shares during the period. FMR LLC boosted its stake in NuScale Power by 11.2% in the third quarter. FMR LLC now owns 2,983,460 shares of the company’s stock valued at $14,619,000 after acquiring an additional 301,548 shares during the last quarter. Finally, Rheos Capital Works Inc. bought a new stake in NuScale Power in the first quarter valued at about $1,328,000. Institutional investors and hedge funds own 15.28% of the company’s stock.

NuScale Power Stock Performance

The business’s 50-day moving average is $7.55 and its two-hundred day moving average is $5.12. The firm has a market capitalization of $2.91 billion, a price-to-earnings ratio of -14.10 and a beta of 1.17.

NuScale Power (NYSE:SMR) last posted its earnings results on Thursday, May 9th. The company reported ($0.21) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.21). The business had revenue of $1.38 million during the quarter, compared to analysts’ expectations of $3.15 million. NuScale Power had a negative return on equity of 38.66% and a negative net margin of 342.39%. During the same period in the prior year, the business earned ($0.16) EPS. Analysts forecast that NuScale Power Co. will post -0.64 EPS for the current year.

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.