NuScale Power (NYSE:SMR) Shares Down 9.7% Following Analyst Downgrade

NuScale Power Corporation (NYSE:SMR)’s stock price traded down 9.7% during trading on Wednesday after BNP Paribas downgraded the stock from a hold rating to a strong sell rating. The company traded as low as $32.69 and last traded at $34.67. 38,381,981 shares changed hands during mid-day trading, an increase of 183% from the average session volume of 13,585,639 shares. The stock had previously closed at $38.37.

A number of other research firms have also recently issued reports on SMR. Cantor Fitzgerald assumed coverage on shares of NuScale Power in a research report on Tuesday. They issued an “overweight” rating and a $55.00 price objective on the stock. Bank of America restated an “underperform” rating and issued a $34.00 price objective (down previously from $38.00) on shares of NuScale Power in a research report on Tuesday, September 30th. Barclays assumed coverage on shares of NuScale Power in a research report on Monday, September 29th. They issued an “equal weight” rating and a $45.00 price objective on the stock. BTIG Research cut shares of NuScale Power from a “buy” rating to a “neutral” rating in a research report on Wednesday, June 25th. Finally, Royal Bank Of Canada initiated coverage on shares of NuScale Power in a research note on Monday, September 15th. They set a “sector perform” rating and a $35.00 target price on the stock. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $37.73.

Insider Transactions at NuScale Power

In related news, Director Corp Fluor sold 2,372,563 shares of NuScale Power stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $43.99, for a total transaction of $104,369,046.37. Following the completion of the transaction, the director directly owned 10,085,344 shares of the company’s stock, valued at $443,654,282.56. This trade represents a 19.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last three months, insiders have sold 15,048,847 shares of company stock worth $606,761,579. Company insiders own 1.27% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in NuScale Power by 6.1% during the 1st quarter. Vanguard Group Inc. now owns 8,940,535 shares of the company’s stock valued at $126,598,000 after acquiring an additional 512,618 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in NuScale Power by 20.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,841,836 shares of the company’s stock valued at $96,880,000 after acquiring an additional 1,153,158 shares during the period. Geode Capital Management LLC lifted its position in NuScale Power by 25.2% during the 2nd quarter. Geode Capital Management LLC now owns 2,854,664 shares of the company’s stock valued at $112,944,000 after acquiring an additional 574,295 shares during the period. State Street Corp lifted its position in NuScale Power by 37.5% during the 2nd quarter. State Street Corp now owns 2,736,187 shares of the company’s stock valued at $108,244,000 after acquiring an additional 746,667 shares during the period. Finally, Swedbank AB lifted its position in NuScale Power by 6.7% during the 1st quarter. Swedbank AB now owns 2,402,125 shares of the company’s stock valued at $34,014,000 after acquiring an additional 149,875 shares during the period. 78.37% of the stock is owned by hedge funds and other institutional investors.

NuScale Power Stock Performance

The company has a market capitalization of $9.88 billion, a PE ratio of -29.13 and a beta of 2.02. The business’s 50-day moving average is $38.36 and its 200-day moving average is $33.82.

NuScale Power (NYSE:SMR) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.01). The business 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 expect that NuScale Power Corporation will post -0.73 EPS for the current year.

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.