NuScale Power (NYSE:SMR) Shares Gap Up - Here's What Happened

NuScale Power Co. (NYSE:SMR - Get Free Report)'s share price gapped up before the market opened on Wednesday . The stock had previously closed at $21.71, but opened at $22.50. NuScale Power shares last traded at $21.99, with a volume of 3,886,048 shares traded.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. CLSA started coverage on NuScale Power in a research note on Friday, September 13th. They issued an "outperform" rating and a $11.00 price objective for the company. Craig Hallum raised their price objective 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. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $10.39.

NuScale Power Trading Down 12.0 %

The firm has a fifty day moving average of $21.94 and a two-hundred day moving average of $14.29. The company has a market cap of $4.88 billion, a PE ratio of -20.12 and a beta of 1.33. The company has a current ratio of 2.24, a quick ratio of 2.24 and a debt-to-equity ratio of 0.26.

Insiders Place Their Bets

In other news, VP Jacqueline F. Engel sold 18,186 shares of the company's stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $29.00, for a total transaction of $527,394.00. Following the sale, the vice president now directly owns 3,801 shares in the company, valued at $110,229. This represents a 82.71 % 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 144,627 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $10.90, for a total transaction of $1,576,434.30. Following the completion of the sale, the insider now directly owns 14,054 shares in the company, valued at approximately $153,188.60. The trade was a 91.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 422,237 shares of company stock worth $6,005,215 over the last quarter. 1.96% of the stock is currently owned by company insiders.

Institutional Trading of NuScale Power

A number of hedge funds and other institutional investors have recently bought and sold shares of SMR. Brookstone Capital Management purchased a new position in NuScale Power during the second quarter worth about $126,000. Catalina Capital Group LLC bought a new stake in shares of NuScale Power during the 2nd quarter valued at about $138,000. Bank of New York Mellon Corp grew its holdings in shares of NuScale Power by 97.3% during the second quarter. Bank of New York Mellon Corp now owns 278,513 shares of the company's stock worth $3,256,000 after purchasing an additional 137,382 shares in the last quarter. Principal Financial Group Inc. bought a new position in shares of NuScale Power in the second quarter worth approximately $123,000. Finally, International Assets Investment Management LLC purchased a new stake in NuScale Power in the second quarter valued at approximately $64,000. Institutional investors own 78.37% of the company's stock.

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.