NuScale Power (NYSE:SMR) Shares Down 7.8% – What’s Next?

Shares of NuScale Power Corporation (NYSE:SMR) dropped 7.8% during mid-day trading on Wednesday . The company traded as low as $7.54 and last traded at $7.58. 31,130,284 shares were traded during trading, an increase of 2% from the average daily volume of 30,427,023 shares. The stock had previously closed at $8.22.

Wall Street Analyst Weigh In

SMR has been the topic of a number of research analyst reports. Truist Financial started coverage on NuScale Power in a report on Monday, July 13th. They set a “hold” rating and a $10.00 price target on the stock. Barclays reduced their price objective on shares of NuScale Power from $15.00 to $11.00 and set an “equal weight” rating for the company in a report on Wednesday, July 22nd. Bank of America assumed coverage on shares of NuScale Power in a research report on Friday, May 22nd. They issued a “neutral” rating and a $12.00 target price for the company. B. Riley Financial lowered their target price on shares of NuScale Power from $24.00 to $19.00 and set a “buy” rating on the stock in a research note on Friday, April 24th. Finally, The Goldman Sachs Group set a $9.00 price target on shares of NuScale Power in a research report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $15.15.

NuScale Power Stock Performance

The stock’s fifty day simple moving average is $10.02 and its two-hundred day simple moving average is $12.31. The company has a market capitalization of $3.17 billion, a price-to-earnings ratio of -2.99 and a beta of 2.24.

NuScale Power (NYSE:SMR) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.03). NuScale Power had a negative return on equity of 48.88% and a negative net margin of 2,066.55%.The business had revenue of $0.56 million during the quarter, compared to analyst estimates of $7.00 million. The firm’s quarterly revenue was down 95.8% on a year-over-year basis. On average, equities analysts anticipate that NuScale Power Corporation will post -0.46 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC purchased a new stake in shares of NuScale Power during the first quarter valued at $59,141,000. Mirae Asset Global Investments Co. Ltd. increased its stake in NuScale Power by 35.0% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 822,779 shares of the company’s stock worth $11,659,000 after purchasing an additional 213,329 shares in the last quarter. Swedbank AB increased its stake in NuScale Power by 36.3% in the 1st quarter. Swedbank AB now owns 1,502,300 shares of the company’s stock worth $16,285,000 after purchasing an additional 400,240 shares in the last quarter. Caz Investments LP raised its holdings in NuScale Power by 10,000.0% during the 4th quarter. Caz Investments LP now owns 101,000 shares of the company’s stock worth $1,431,000 after buying an additional 100,000 shares during the period. Finally, Seven Grand Managers LLC purchased a new stake in NuScale Power during the fourth quarter valued at about $1,771,000. Institutional investors and hedge funds own 78.37% of the company’s stock.

About NuScale Power

NuScale Power Corporation, trading on the NYSE American under the ticker SMR, is a pioneering developer of small modular nuclear reactors. Established in 2007 as a spinout from Oregon State University, the company is headquartered in Portland, Oregon. NuScale’s mission is to deliver zero-carbon baseload power through scalable modular reactor technology, aiming to transform traditional nuclear energy deployment.

At the core of NuScale’s offering is the VOYGR small modular reactor design, featuring 77-megawatt electric (MWe) modules with passive safety systems.