NuScale Power (NYSE:SMR) Stock Price Down 2.7% After Earnings Miss

NuScale Power Corporation (NYSE:SMR)’s stock price was down 2.7% on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $44.72 and last traded at $44.68. Approximately 4,135,560 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 11,483,123 shares. The stock had previously closed at $45.93.

The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.01). The firm had revenue of $8.05 million for the quarter, compared to analyst estimates of $10.49 million. NuScale Power had a negative net margin of 273.36% and a positive return on equity of 0.09%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on SMR shares. The Goldman Sachs Group set a $24.00 price target on shares of NuScale Power and gave the company a “neutral” rating in a report on Tuesday, May 20th. Citigroup began coverage on shares of NuScale Power in a research note on Monday, June 23rd. They set a “neutral” rating and a $46.00 price objective on the stock. Northland Capmk upgraded shares of NuScale Power to a “hold” rating in a research note on Monday, July 7th. Canaccord Genuity Group set a $35.00 price objective on shares of NuScale Power and gave the company a “buy” rating in a research note on Thursday, May 29th. Finally, BTIG Research downgraded shares of NuScale Power from a “buy” rating to a “neutral” rating in a research note on Wednesday, June 25th. Eight equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, NuScale Power has an average rating of “Hold” and a consensus target price of $33.00.

Insider Transactions at NuScale Power

In other news, COO Carl M. Fisher sold 18,206 shares of the firm’s stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $44.39, for a total value of $808,164.34. Following the transaction, the chief operating officer directly owned 90,864 shares in the company, valued at approximately $4,033,452.96. This trade represents a 16.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO John Lawrence Hopkins sold 26,345 shares of NuScale Power stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $23.66, for a total transaction of $623,322.70. The disclosure for this sale can be found here. Company insiders own 1.27% of the company’s stock.

Institutional Trading of NuScale Power

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Sei Investments Co. bought a new stake in shares of NuScale Power in the 4th quarter worth approximately $552,000. LPL Financial LLC grew its position in NuScale Power by 69.3% during the fourth quarter. LPL Financial LLC now owns 201,296 shares of the company’s stock valued at $3,609,000 after purchasing an additional 82,363 shares in the last quarter. Orion Portfolio Solutions LLC acquired a new position in shares of NuScale Power in the fourth quarter worth $182,000. Geode Capital Management LLC lifted its holdings in shares of NuScale Power by 7.4% during the 4th quarter. Geode Capital Management LLC now owns 1,965,456 shares of the company’s stock valued at $35,249,000 after buying an additional 135,613 shares during the last quarter. Finally, Federated Hermes Inc. grew its position in NuScale Power by 994.0% in the fourth quarter. Federated Hermes Inc. now owns 25,272 shares of the company’s stock worth $453,000 after acquiring an additional 22,962 shares in the last quarter. 78.37% of the stock is currently owned by institutional investors.

NuScale Power Stock Down 2.5%

The company has a market capitalization of $12.74 billion, a P/E ratio of -32.69 and a beta of 2.06. The company’s 50-day simple moving average is $40.67 and its 200 day simple moving average is $26.89.

NuScale Power Company Profile

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.