NuScale Power (NYSE:SMR) Sets New 52-Week High – Still a Buy?

Shares of NuScale Power Co. (NYSE:SMR) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $27.54 and last traded at $25.01, with a volume of 3658025 shares traded. The stock had previously closed at $24.98.

Wall Street Analyst Weigh In

SMR has been the subject of several research reports. CLSA initiated coverage on shares of NuScale Power in a research report on Friday, September 13th. They issued an “outperform” rating and a $11.00 price target for the company. Craig Hallum upped their target price on NuScale Power from $16.00 to $21.00 and gave the company a “buy” rating in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $10.39.

NuScale Power Stock Performance

The company has a debt-to-equity ratio of 0.26, a current ratio of 2.24 and a quick ratio of 2.66. The company has a 50 day simple moving average of $15.50 and a 200-day simple moving average of $11.36. The stock has a market capitalization of $5.74 billion, a P/E ratio of -24.25 and a beta of 1.12.

Insider Activity at NuScale Power

In other news, CFO Robert Ramsey Hamady sold 19,242 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total transaction of $153,551.16. Following the sale, the chief financial officer now directly owns 57,681 shares in the company, valued at $460,294.38. This represents a 25.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Robert K. Temple sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $9.57, for a total transaction of $47,850.00. Following the completion of the transaction, the insider now owns 14,054 shares of the company’s stock, valued at $134,496.78. This trade represents a 26.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 428,293 shares of company stock worth $5,679,222. Company insiders own 1.96% of the company’s stock.

Institutional Trading of NuScale Power

Several institutional investors and hedge funds have recently bought and sold shares of the company. Swedbank AB bought a new position in shares of NuScale Power in the first quarter worth $18,585,000. Van ECK Associates Corp bought a new position in NuScale Power in the 2nd quarter worth about $7,600,000. Charles Schwab Investment Management Inc. increased its stake in NuScale Power by 212.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 677,248 shares of the company’s stock worth $7,843,000 after acquiring an additional 460,487 shares during the last quarter. TimesSquare Capital Management LLC purchased a new stake in shares of NuScale Power in the 3rd quarter valued at about $2,895,000. Finally, State Street Corp grew its holdings in shares of NuScale Power by 10.2% during the third quarter. State Street Corp now owns 1,674,995 shares of the company’s stock worth $19,396,000 after purchasing an additional 154,368 shares in the last quarter. 15.28% of the stock is currently owned by hedge funds and other institutional investors.

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.