NuScale Power (NYSE:SMR) Stock Price Up 9.8% – Here’s What Happened

NuScale Power Co. (NYSE:SMR) shares were up 9.8% on Wednesday . The stock traded as high as $25.59 and last traded at $25.23. Approximately 5,344,070 shares were traded during trading, a decline of 56% from the average daily volume of 12,054,664 shares. The stock had previously closed at $22.98.

Wall Street Analysts Forecast Growth

Separately, Craig Hallum boosted their price objective on shares of NuScale Power from $16.00 to $21.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, NuScale Power presently has an average rating of “Moderate Buy” and a consensus target price of $11.42.

NuScale Power Price Performance

The firm has a 50-day simple moving average of $22.29 and a 200-day simple moving average of $16.88. The firm has a market capitalization of $6.32 billion, a PE ratio of -26.08 and a beta of 1.51. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.24 and a quick ratio of 2.24.

NuScale Power (NYSE:SMR) last announced its earnings results on Thursday, November 7th. The company reported ($0.18) EPS for the quarter. The business had revenue of $0.48 million for the quarter, compared to analysts’ expectations of $6.18 million. NuScale Power had a negative net margin of 1,089.32% and a negative return on equity of 72.85%. During the same period in the prior year, the company posted ($0.26) earnings per share.

Insider Activity at NuScale Power

In other NuScale Power news, CEO John Lawrence Hopkins sold 664,568 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $18.04, for a total transaction of $11,988,806.72. Following the sale, the chief executive officer now directly owns 34,675 shares of the company’s stock, valued at $625,537. This trade represents a 95.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jacqueline F. Engel sold 18,186 shares of the company’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $29.00, for a total value of $527,394.00. Following the completion of the transaction, the vice president now directly owns 3,801 shares of the company’s stock, valued at approximately $110,229. This trade represents a 82.71 % decrease in their position. The disclosure for this sale can be found here. 1.96% of the stock is owned by company insiders.

Hedge Funds Weigh In On NuScale Power

Hedge funds and other institutional investors have recently modified their holdings of the stock. Sei Investments Co. bought a new stake in NuScale Power during the second quarter worth approximately $520,000. Squarepoint Ops LLC purchased a new position in NuScale Power during the 2nd quarter valued at about $783,000. The Manufacturers Life Insurance Company boosted its position in NuScale Power by 37.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,549 shares of the company’s stock valued at $345,000 after acquiring an additional 8,096 shares in the last quarter. Truist Financial Corp bought a new position in NuScale Power in the second quarter worth about $177,000. Finally, Park Avenue Securities LLC acquired a new stake in NuScale Power in the third quarter valued at approximately $217,000. Institutional investors own 78.37% of the company’s stock.

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.