NuScale Power (NYSE:SMR) Stock Price Down 3.6% - Here's What Happened

NuScale Power Co. (NYSE:SMR - Get Free Report) shares dropped 3.6% during trading on Tuesday . The stock traded as low as $26.22 and last traded at $26.30. Approximately 3,783,181 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 6,224,026 shares. The stock had previously closed at $27.27.

Analysts Set New Price Targets

Several research firms have weighed in on SMR. Craig Hallum upped 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. CLSA assumed coverage on shares of NuScale Power in a research report on Friday, September 13th. They set an "outperform" rating and a $11.00 target price for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $10.39.

NuScale Power Price Performance

The company has a 50 day moving average of $15.89 and a 200 day moving average of $11.59. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.24 and a current ratio of 2.24. The stock has a market capitalization of $6.91 billion, a price-to-earnings ratio of -28.14 and a beta of 1.12.

Insider Buying and Selling

In related news, insider Robert K. Temple sold 115,866 shares of the business's stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $18.20, for a total transaction of $2,108,761.20. Following the transaction, the insider now directly owns 14,054 shares in the company, valued at $255,782.80. The trade was a 89.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Robert Ramsey Hamady sold 19,242 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $7.98, for a total transaction of $153,551.16. Following the completion of the transaction, the chief financial officer now owns 57,681 shares in the company, valued at $460,294.38. This represents a 25.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 428,293 shares of company stock worth $5,679,222. Corporate insiders own 1.96% of the company's stock.

Institutional Trading of NuScale Power

Institutional investors and hedge funds have recently modified their holdings of the business. Swedbank AB bought a new position in shares of NuScale Power in the first quarter worth approximately $18,585,000. Geode Capital Management LLC boosted its holdings in shares of NuScale Power by 21.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,829,843 shares of the company's stock worth $21,194,000 after purchasing an additional 317,285 shares during the period. State Street Corp increased its stake in NuScale Power by 10.2% in the 3rd quarter. State Street Corp now owns 1,674,995 shares of the company's stock worth $19,396,000 after buying an additional 154,368 shares during the period. Van ECK Associates Corp lifted its stake in shares of NuScale Power by 90.0% during the 3rd quarter. Van ECK Associates Corp now owns 1,235,457 shares of the company's stock worth $14,307,000 after purchasing an additional 585,292 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of NuScale Power by 212.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 677,248 shares of the company's stock worth $7,843,000 after purchasing an additional 460,487 shares during the period. 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.

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