NuScale Power (NYSE:SMR) Trading Down 3.9% – Here’s Why

NuScale Power Co. (NYSE:SMR)’s stock price dropped 3.9% on Monday . The stock traded as low as $18.85 and last traded at $19.00. Approximately 2,643,621 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 6,554,330 shares. The stock had previously closed at $19.77.

Analysts Set New Price Targets

Several equities research analysts have issued reports on SMR shares. Craig Hallum raised their target price on NuScale Power from $16.00 to $21.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. CLSA started coverage on shares of NuScale Power in a research note on Friday, September 13th. They set an “outperform” rating and a $11.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.39.

NuScale Power Price Performance

The company has a market capitalization of $5.10 billion, a PE ratio of -21.02 and a beta of 1.33. The company has a current ratio of 2.24, a quick ratio of 2.24 and a debt-to-equity ratio of 0.26. The stock has a fifty day simple moving average of $22.36 and a 200-day simple moving average of $14.54.

Insider Buying and Selling

In related news, insider Robert K. Temple sold 68,558 shares of the firm’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $13.02, for a total transaction of $892,625.16. Following the transaction, the insider now owns 14,054 shares in the company, valued at $182,983.08. This trade represents a 82.99 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Jacqueline F. Engel sold 18,186 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $29.00, for a total transaction of $527,394.00. Following the transaction, the vice president now owns 3,801 shares in the company, valued at approximately $110,229. This trade represents a 82.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 277,610 shares of company stock worth $4,428,780 over the last 90 days. 1.96% of the stock is owned by insiders.

Institutional Trading of NuScale Power

Hedge funds have recently added to or reduced their stakes in the stock. Van ECK Associates Corp purchased a new stake in shares of NuScale Power in the second quarter valued at about $7,600,000. Charles Schwab Investment Management Inc. increased its position in NuScale Power by 212.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 677,248 shares of the company’s stock worth $7,843,000 after purchasing an additional 460,487 shares during the period. Geode Capital Management LLC raised its stake in shares of NuScale Power by 21.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,829,843 shares of the company’s stock worth $21,194,000 after buying an additional 317,285 shares in the last quarter. TimesSquare Capital Management LLC acquired a new stake in shares of NuScale Power in the 3rd quarter valued at approximately $2,895,000. Finally, State Street Corp boosted its stake in shares of NuScale Power by 10.2% in the third quarter. State Street Corp now owns 1,674,995 shares of the company’s stock valued at $19,396,000 after buying an additional 154,368 shares in the last quarter. 78.37% of the stock is owned by institutional investors and hedge funds.

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.