NuScale Power (NYSE:SMR) Stock Price Down 13.2% Following Analyst Downgrade

Shares of NuScale Power Corporation (NYSE:SMR) were down 13.2% during trading on Tuesday after BNP Paribas downgraded the stock to an underperform rating. The company traded as low as $38.32 and last traded at $38.37. Approximately 30,211,676 shares changed hands during trading, an increase of 124% from the average daily volume of 13,469,913 shares. The stock had previously closed at $44.21.

SMR has been the subject of a number of other reports. Barclays started coverage on shares of NuScale Power in a report on Monday, September 29th. They set an “equal weight” rating and a $45.00 target price for the company. Northland Capmk raised shares of NuScale Power to a “hold” rating in a report on Monday, July 7th. Bank of America reaffirmed an “underperform” rating and set a $34.00 target price (down from $38.00) on shares of NuScale Power in a report on Tuesday, September 30th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of NuScale Power in a report on Wednesday, October 8th. Finally, UBS Group upped their target price on shares of NuScale Power from $34.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, August 11th. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat, NuScale Power has a consensus rating of “Reduce” and an average target price of $37.73.

Insider Activity

In other news, Director Corp Fluor sold 87,900 shares of the stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $39.58, for a total value of $3,479,082.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 15,048,847 shares of company stock valued at $606,761,579 over the last three months. Corporate insiders own 1.96% of the company’s stock.

Hedge Funds Weigh In On NuScale Power

Several institutional investors have recently bought and sold shares of SMR. Wealth Enhancement Advisory Services LLC grew its stake in NuScale Power by 51.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 17,522 shares of the company’s stock valued at $248,000 after acquiring an additional 5,974 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in NuScale Power by 652.0% during the first quarter. Janney Montgomery Scott LLC now owns 84,778 shares of the company’s stock valued at $1,200,000 after acquiring an additional 73,504 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in NuScale Power by 31.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 193,098 shares of the company’s stock valued at $2,734,000 after acquiring an additional 46,744 shares in the last quarter. Legacy Advisors LLC purchased a new position in NuScale Power during the first quarter valued at $186,000. Finally, Wealth Effects LLC purchased a new position in NuScale Power during the first quarter valued at $683,000. 78.37% of the stock is owned by hedge funds and other institutional investors.

NuScale Power Stock Down 13.2%

The company has a market capitalization of $10.93 billion, a PE ratio of -32.24 and a beta of 2.02. The company’s 50 day moving average is $38.42 and its two-hundred day moving average is $33.81.

NuScale Power (NYSE:SMR) last posted its earnings results on Thursday, August 7th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.01). The company had revenue of $8.05 million for the quarter, compared to analysts’ expectations of $10.49 million. NuScale Power had a negative net margin of 221.07% and a positive return on equity of 2.61%. Analysts forecast that NuScale Power Corporation will post -0.73 EPS for the current year.

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.