NuScale Power (NYSE:SMR) Shares Gap Up – Time to Buy?

NuScale Power Co. (NYSE:SMR) gapped up before the market opened on Monday . The stock had previously closed at $30.21, but opened at $31.97. NuScale Power shares last traded at $29.74, with a volume of 2,415,540 shares traded.

Analysts Set New Price Targets

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

NuScale Power Stock Performance

The stock’s 50 day moving average price is $17.40 and its 200 day moving average price is $12.20. The company has a market capitalization of $7.12 billion, a P/E ratio of -28.93 and a beta of 1.12. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.24 and a current ratio of 2.24.

Insider Activity

In related news, CFO Robert Ramsey Hamady sold 19,242 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $7.98, for a total value of $153,551.16. Following the transaction, the chief financial officer now directly owns 57,681 shares in the company, valued at $460,294.38. This trade represents a 25.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Robert K. Temple sold 144,627 shares of NuScale Power stock in a transaction on Friday, September 20th. The shares were sold at an average price of $10.90, for a total transaction of $1,576,434.30. Following the completion of the sale, the insider now directly owns 14,054 shares of the company’s stock, valued at approximately $153,188.60. The trade was a 91.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 428,293 shares of company stock worth $5,679,222 in the last quarter. 1.96% of the stock is owned by corporate insiders.

Institutional Trading of NuScale Power

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tidal Investments LLC bought a new stake in shares of NuScale Power in the 3rd quarter worth $118,000. Barclays PLC increased its stake in NuScale Power by 472.3% in the 3rd quarter. Barclays PLC now owns 150,791 shares of the company’s stock valued at $1,746,000 after buying an additional 124,441 shares during the last quarter. Geode Capital Management LLC increased its stake in NuScale Power by 21.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,829,843 shares of the company’s stock valued at $21,194,000 after buying an additional 317,285 shares during the last quarter. State Street Corp lifted its position in shares of NuScale Power by 10.2% during the 3rd quarter. State Street Corp now owns 1,674,995 shares of the company’s stock worth $19,396,000 after buying an additional 154,368 shares in the last quarter. Finally, Stifel Financial Corp grew its holdings in shares of NuScale Power by 581.8% in the third quarter. Stifel Financial Corp now owns 118,355 shares of the company’s stock valued at $1,371,000 after acquiring an additional 100,995 shares in the last quarter. 15.28% of the stock is owned by 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.