NuScale Power (NYSE:SMR) Shares Gap Up to $11.59

NuScale Power Co. (NYSE:SMR) gapped up before the market opened on Friday . The stock had previously closed at $11.59, but opened at $11.99. NuScale Power shares last traded at $11.98, with a volume of 951,060 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SMR. B. Riley raised their price target on shares of NuScale Power from $8.00 to $14.00 and gave the company a “buy” rating in a report on Thursday, June 27th. UBS Group lifted their target price on NuScale Power from $2.00 to $10.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 19th. Wells Fargo & Company reissued an “underweight” rating and issued a $4.50 price target (down previously from $7.50) on shares of NuScale Power in a report on Tuesday, March 19th. Finally, Canaccord Genuity Group lifted their price objective on NuScale Power from $4.25 to $8.00 and gave the stock a “buy” rating in a report on Monday, March 18th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $8.15.

NuScale Power Stock Performance

The company’s fifty day moving average price is $8.15 and its 200 day moving average price is $5.40. The firm has a market capitalization of $2.91 billion, a price-to-earnings ratio of -14.06 and a beta of 1.25.

NuScale Power (NYSE:SMR) last announced its quarterly earnings results on Thursday, May 9th. The company reported ($0.21) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.21). The business had revenue of $1.38 million for the quarter, compared to the consensus estimate of $3.15 million. NuScale Power had a negative return on equity of 38.66% and a negative net margin of 342.39%. During the same quarter last year, the business posted ($0.16) EPS. As a group, sell-side analysts expect that NuScale Power Co. will post -0.55 earnings per share for the current year.

Insider Buying and Selling at NuScale Power

In related news, insider Clayton Scott sold 7,191 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $6.04, for a total value of $43,433.64. Following the completion of the transaction, the insider now directly owns 43,549 shares of the company’s stock, valued at approximately $263,035.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other NuScale Power news, insider Clayton Scott sold 7,191 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $6.04, for a total transaction of $43,433.64. Following the transaction, the insider now owns 43,549 shares of the company’s stock, valued at approximately $263,035.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Jose N. Reyes, Jr. sold 15,776 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $6.04, for a total transaction of $95,287.04. Following the completion of the sale, the chief technology officer now directly owns 478,306 shares of the company’s stock, valued at $2,888,968.24. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 56,131 shares of company stock worth $339,745. 1.96% of the stock is owned by company insiders.

Hedge Funds Weigh In On NuScale Power

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in NuScale Power by 3.8% in the third quarter. Vanguard Group Inc. now owns 5,536,389 shares of the company’s stock worth $27,128,000 after buying an additional 204,505 shares during the last quarter. Quadrature Capital Ltd purchased a new position in NuScale Power in the 4th quarter worth about $417,000. Rheos Capital Works Inc. acquired a new stake in NuScale Power during the 1st quarter worth about $1,328,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in NuScale Power by 5.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,391,670 shares of the company’s stock valued at $11,159,000 after buying an additional 172,408 shares in the last quarter. Finally, Arizona State Retirement System acquired a new position in shares of NuScale Power in the fourth quarter worth about $34,000. Institutional investors and hedge funds own 15.28% 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.