NuScale Power (NYSE:SMR) Trading Up 10% - Here's Why

NuScale Power Co. (NYSE:SMR - Get Free Report)'s share price traded up 10% during mid-day trading on Monday . The stock traded as high as $23.16 and last traded at $22.94. 6,478,670 shares were traded during trading, a decline of 13% from the average session volume of 7,489,361 shares. The stock had previously closed at $20.85.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SMR shares. Craig Hallum boosted their price target 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 started 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 equities research 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's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $10.39.

NuScale Power Price Performance

The business's 50 day moving average is $22.83 and its two-hundred day moving average is $15.41. 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 firm has a market capitalization of $6.02 billion, a PE ratio of -24.81 and a beta of 1.47.

Insider Activity

In related news, insider Robert K. Temple sold 115,866 shares of the business's stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $18.20, for a total transaction of $2,108,761.20. Following the completion of the transaction, the insider now owns 14,054 shares of the company's stock, valued at approximately $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 Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jacqueline F. Engel sold 18,186 shares of the firm's stock in a transaction on Friday, November 29th. The shares were sold at an average price of $29.00, for a total transaction of $527,394.00. Following the completion of the transaction, the vice president now directly owns 3,801 shares of the company's stock, valued at approximately $110,229. The trade was a 82.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 798,620 shares of company stock worth $14,624,962. 1.96% of the stock is owned by corporate insiders.

Institutional Trading of NuScale Power

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its holdings in shares of NuScale Power by 97.3% in the 2nd 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 NuScale Power during the second quarter valued at approximately $123,000. Commonwealth Equity Services LLC raised its stake in shares of NuScale Power by 85.9% during the second quarter. Commonwealth Equity Services LLC now owns 78,411 shares of the company's stock worth $917,000 after acquiring an additional 36,236 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of NuScale Power by 62.9% in the 2nd quarter. Rhumbline Advisers now owns 104,341 shares of the company's stock worth $1,220,000 after acquiring an additional 40,305 shares during the last quarter. Finally, Quest Partners LLC bought a new position in shares of NuScale Power during the 2nd quarter valued at $115,000. Hedge funds and other 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.