NuScale Power (NYSE:SMR) Stock Price Down 7.7% on Disappointing Earnings

NuScale Power Corporation (NYSE:SMR)’s share price was down 7.7% on Friday following a dissappointing earnings announcement. The stock traded as low as $40.20 and last traded at $41.24. Approximately 8,717,620 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 11,518,482 shares. The stock had previously closed at $44.68.

The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.01). NuScale Power had a negative net margin of 221.07% and a positive return on equity of 2.86%. The business had revenue of $8.05 million during the quarter, compared to the consensus estimate of $10.49 million.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on SMR shares. BNP Paribas Exane started coverage on NuScale Power in a research report on Friday, July 25th. They issued a “neutral” rating and a $41.00 price objective for the company. CLSA set a $41.00 price objective on NuScale Power and gave the company an “outperform” rating in a research report on Tuesday, May 27th. BNP Paribas upgraded NuScale Power to a “hold” rating in a research report on Friday, July 25th. The Goldman Sachs Group set a $24.00 target price on NuScale Power and gave the stock a “neutral” rating in a research report on Tuesday, May 20th. Finally, UBS Group boosted their target price on NuScale Power from $17.00 to $34.00 and gave the stock a “neutral” rating in a research report on Thursday, May 29th. Eight research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, NuScale Power has an average rating of “Hold” and an average price target of $33.00.

Insiders Place Their Bets

In related news, COO Carl M. Fisher sold 18,206 shares of NuScale Power stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $44.39, for a total transaction of $808,164.34. Following the completion of the sale, the chief operating officer directly owned 90,864 shares of the company’s stock, valued at $4,033,452.96. The trade was a 16.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO John Lawrence Hopkins sold 26,345 shares of NuScale Power stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $23.66, for a total value of $623,322.70. The disclosure for this sale can be found here. 1.27% of the stock is owned by insiders.

Institutional Investors Weigh In On NuScale Power

A number of institutional investors have recently made changes to their positions in the stock. Thurston Springer Miller Herd & Titak Inc. grew its stake in NuScale Power by 84.5% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 784 shares of the company’s stock valued at $31,000 after acquiring an additional 359 shares during the period. Harbour Investments Inc. grew its stake in NuScale Power by 21.3% in the second quarter. Harbour Investments Inc. now owns 1,156 shares of the company’s stock valued at $46,000 after acquiring an additional 203 shares during the period. Atlantic Union Bankshares Corp acquired a new position in NuScale Power in the second quarter valued at about $61,000. Toth Financial Advisory Corp grew its stake in NuScale Power by 185.0% in the second quarter. Toth Financial Advisory Corp now owns 1,710 shares of the company’s stock valued at $68,000 after acquiring an additional 1,110 shares during the period. Finally, IFP Advisors Inc grew its stake in NuScale Power by 55.7% in the second quarter. IFP Advisors Inc now owns 1,745 shares of the company’s stock valued at $69,000 after acquiring an additional 624 shares during the period. 78.37% of the stock is owned by institutional investors and hedge funds.

NuScale Power Price Performance

The stock has a market capitalization of $11.23 billion, a price-to-earnings ratio of -33.18 and a beta of 2.06. The business has a 50 day simple moving average of $40.81 and a 200-day simple moving average of $26.99.

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.