NuScale Power (NYSE:SMR) Sets New 12-Month Low After Analyst Downgrade
by Michael Walen · The Markets DailyNuScale Power Corporation (NYSE:SMR – Get Free Report) reached a new 52-week low on Tuesday after Barclays downgraded the stock from an equal weight rating to an underweight rating. Barclays now has a $5.00 price target on the stock. NuScale Power traded as low as $5.25 and last traded at $5.3650, with a volume of 1,923,853 shares. The stock had previously closed at $5.69.
A number of other research firms also recently weighed in on SMR. Royal Bank Of Canada dropped their price target on shares of NuScale Power from $14.00 to $10.00 and set a “sector perform” rating on the stock in a research note on Tuesday, August 11th. Northland Securities set a $16.00 target price on NuScale Power in a research report on Thursday, August 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NuScale Power in a research note on Monday, September 21st. Truist Financial began coverage on shares of NuScale Power in a research report on Monday, July 13th. They set a “hold” rating and a $10.00 price objective on the stock. Finally, UBS Group downgraded shares of NuScale Power from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $10.00 to $6.00 in a research report on Friday, September 11th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, seven have given a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $12.50.
Insiders Place Their Bets
In related news, COO Carl M. Fisher sold 18,771 shares of NuScale Power stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $9.36, for a total value of $175,696.56. Following the transaction, the chief operating officer owned 114,718 shares in the company, valued at $1,073,760.48. This trade represents a 14.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Robert Hamady sold 20,000 shares of the business’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $7.89, for a total transaction of $157,800.00. Following the transaction, the chief financial officer directly owned 144,235 shares of the company’s stock, valued at approximately $1,138,014.15. This represents a 12.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 88,651 shares of company stock valued at $791,270 over the last quarter. Insiders own 1.28% of the company’s stock.
Institutional Trading of NuScale Power
Several hedge funds have recently added to or reduced their stakes in SMR. Renaissance Technologies LLC bought a new position in NuScale Power in the 1st quarter worth approximately $59,141,000. Bank of America Corp DE boosted its position in shares of NuScale Power by 33.4% in the first quarter. Bank of America Corp DE now owns 2,062,232 shares of the company’s stock valued at $22,355,000 after acquiring an additional 516,097 shares during the period. Swedbank AB boosted its position in shares of NuScale Power by 36.3% in the first quarter. Swedbank AB now owns 1,502,300 shares of the company’s stock valued at $16,285,000 after acquiring an additional 400,240 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of NuScale Power in the first quarter worth $4,336,000. Finally, Corient Private Wealth LP grew its stake in shares of NuScale Power by 1,495.8% in the second quarter. Corient Private Wealth LP now owns 338,023 shares of the company’s stock worth $3,390,000 after acquiring an additional 316,841 shares during the last quarter. Institutional investors own 78.37% of the company’s stock.
NuScale Power Price Performance
The firm’s 50 day moving average price is $8.58 and its 200-day moving average price is $9.81. The firm has a market cap of $2.33 billion, a price-to-earnings ratio of -1.86 and a beta of 2.36.
NuScale Power (NYSE:SMR – Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.13) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.13). The firm had revenue of $0.07 million during the quarter, compared to the consensus estimate of $8.80 million. NuScale Power had a negative net margin of 3,888.70% and a negative return on equity of 35.59%. The business’s revenue was down 99.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.11) EPS. Analysts expect that NuScale Power Corporation will post -0.64 EPS for the current year.
NuScale Power Company Profile
NuScale Power Corporation develops small modular reactor (SMR) technology for producing electricity and other forms of low-carbon energy. The company’s core product is the NuScale Power Module, a compact pressurized-water reactor designed to be manufactured in a factory, transported to a site and deployed in scalable configurations.
NuScale markets its technology through the VOYGR power plant platform, which can combine multiple reactor modules to meet the needs of utilities, industrial users and other customers.