NuScale Power (NYSE:SMR) Shares Gap Down After Earnings Miss

Shares of NuScale Power Corporation (NYSE:SMR) gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $32.46, but opened at $29.65. NuScale Power shares last traded at $28.1910, with a volume of 7,430,989 shares.

The company reported ($1.85) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($1.74). The company had revenue of $8.24 million for the quarter, compared to the consensus estimate of $11.29 million. NuScale Power had a negative return on equity of 49.74% and a negative net margin of 594.63%.The business’s revenue for the quarter was up 1635.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.18) earnings per share.

Analyst Ratings Changes

Several equities research analysts recently issued reports on SMR shares. Barclays assumed coverage on NuScale Power in a report on Monday, September 29th. They set an “equal weight” rating and a $45.00 price target for the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of NuScale Power in a research note on Wednesday, October 8th. Royal Bank Of Canada assumed coverage on shares of NuScale Power in a report on Monday, September 15th. They issued a “sector perform” rating and a $35.00 target price for the company. UBS Group boosted their price target on shares of NuScale Power from $34.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, August 11th. Finally, Canaccord Genuity Group upped their price objective on shares of NuScale Power from $44.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, September 3rd. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat.com, NuScale Power currently has an average rating of “Reduce” and a consensus price target of $37.73.

Insider Activity

In related news, Director Corp Fluor sold 87,900 shares of NuScale Power stock in a transaction that occurred 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 transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last ninety days, insiders have sold 15,030,641 shares of company stock worth $605,953,415. Company insiders own 1.27% of the company’s stock.

Institutional Trading of NuScale Power

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of NuScale Power by 6.1% during the 1st quarter. Vanguard Group Inc. now owns 8,940,535 shares of the company’s stock worth $126,598,000 after acquiring an additional 512,618 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in NuScale Power by 20.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,841,836 shares of the company’s stock valued at $96,880,000 after purchasing an additional 1,153,158 shares during the last quarter. Geode Capital Management LLC boosted its position in NuScale Power by 25.2% during the second quarter. Geode Capital Management LLC now owns 2,854,664 shares of the company’s stock worth $112,944,000 after purchasing an additional 574,295 shares during the period. State Street Corp boosted its position in NuScale Power by 37.5% during the second quarter. State Street Corp now owns 2,736,187 shares of the company’s stock worth $108,244,000 after purchasing an additional 746,667 shares during the period. Finally, Swedbank AB increased its stake in shares of NuScale Power by 6.7% in the first quarter. Swedbank AB now owns 2,402,125 shares of the company’s stock worth $34,014,000 after purchasing an additional 149,875 shares in the last quarter. 78.37% of the stock is currently owned by institutional investors.

NuScale Power Stock Down 6.3%

The company has a market cap of $8.67 billion, a P/E ratio of -10.64 and a beta of 2.03. The firm’s 50-day moving average price is $39.24 and its 200-day moving average price is $35.94.

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.