NuScale Power (NYSE:SMR) Shares Down 2.8% - Here's Why

NuScale Power Co. (NYSE:SMR - Get Free Report) shares dropped 2.8% on Thursday . The stock traded as low as $11.91 and last traded at $12.04. Approximately 4,442,890 shares were traded during trading, a decline of 11% from the average daily volume of 4,966,305 shares. The stock had previously closed at $12.39.

Wall Street Analysts Forecast Growth

SMR has been the subject of several analyst reports. B. Riley upped their price objective on NuScale Power from $8.00 to $14.00 and gave the company a "buy" rating in a research note on Thursday, June 27th. CLSA initiated coverage on NuScale Power in a research note on Friday, September 13th. They set an "outperform" rating and a $11.00 price target for the company. Finally, Craig Hallum assumed coverage on shares of NuScale Power in a research report on Thursday, September 26th. They issued a "buy" rating and a $16.00 price objective on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, NuScale Power has a consensus rating of "Moderate Buy" and an average price target of $9.68.

NuScale Power Price Performance

The company has a debt-to-equity ratio of 0.27, a current ratio of 2.66 and a quick ratio of 2.66. The company has a 50-day simple moving average of $9.37 and a 200-day simple moving average of $8.52. The stock has a market cap of $2.92 billion, a PE ratio of -14.12 and a beta of 1.25.

NuScale Power (NYSE:SMR - Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.18). NuScale Power had a negative net margin of 592.28% and a negative return on equity of 61.82%. The company had revenue of $0.97 million during the quarter, compared to analysts' expectations of $1.43 million. During the same quarter in the prior year, the business earned ($0.13) EPS.

Insider Buying and Selling

In other NuScale Power news, CFO Robert Ramsey Hamady sold 19,242 shares of the business's stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $153,551.16. Following the sale, the chief financial officer now directly owns 57,681 shares in the company, valued at $460,294.38. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other NuScale Power news, CFO Robert Ramsey Hamady sold 19,242 shares of NuScale Power stock in a transaction dated 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. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Robert K. Temple sold 144,627 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were 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 owns 14,054 shares in the company, valued at $153,188.60. The disclosure for this sale can be found here. Insiders have sold a total of 306,171 shares of company stock worth $3,285,970 in the last quarter. Company insiders own 1.96% of the company's stock.

Hedge Funds Weigh In On NuScale Power

A number of institutional investors have recently made changes to their positions in the stock. Quadrature Capital Ltd acquired a new position in shares of NuScale Power in the fourth quarter valued at approximately $417,000. Rheos Capital Works Inc. acquired a new position in NuScale Power in the 1st quarter valued at $1,328,000. Evanson Asset Management LLC lifted its stake in shares of NuScale Power by 44.3% during the 1st quarter. Evanson Asset Management LLC now owns 26,000 shares of the company's stock worth $138,000 after purchasing an additional 7,986 shares during the period. Mesirow Financial Investment Management Inc. acquired a new stake in shares of NuScale Power during the first quarter worth $53,000. Finally, Private Capital Advisors Inc. purchased a new stake in shares of NuScale Power in the first quarter valued at $159,000. 15.28% of the stock is owned by institutional investors and hedge funds.

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.