NuScale Power’s (SMR) Underperform Rating Reiterated at Bank of America

Bank of America reissued their underperform rating on shares of NuScale Power (NYSE:SMR) in a report released on Tuesday, MarketBeat reports. Bank of America currently has a $34.00 price objective on the stock, down from their prior price objective of $38.00.

Several other equities analysts have also recently commented on SMR. Citigroup began coverage on shares of NuScale Power in a research note on Monday, June 23rd. They set a “neutral” rating and a $46.00 target price for the company. Northland Securities assumed coverage on NuScale Power in a research note on Monday, July 7th. They issued a “market perform” rating and a $35.00 target price for the company. Royal Bank Of Canada assumed coverage on shares of NuScale Power in a research note on Monday, September 15th. They set a “sector perform” rating and a $35.00 price target on the stock. UBS Group boosted their price target on shares of NuScale Power from $34.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, August 11th. Finally, Northland Capmk upgraded shares of NuScale Power to a “hold” rating in a research note on Monday, July 7th. Three investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, NuScale Power presently has an average rating of “Hold” and a consensus target price of $36.67.

NuScale Power Stock Up 7.7%

Shares of NuScale Power stock opened at $39.45 on Tuesday. The stock has a 50 day moving average price of $39.11 and a two-hundred day moving average price of $31.31. NuScale Power has a 12-month low of $11.08 and a 12-month high of $53.50. The stock has a market capitalization of $11.24 billion, a P/E ratio of -33.15 and a beta of 2.02.

NuScale Power (NYSE:SMR) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.01). NuScale Power had a positive return on equity of 2.61% and a negative net margin of 221.07%.The business had revenue of $8.05 million during the quarter, compared to the consensus estimate of $10.49 million. Sell-side analysts anticipate that NuScale Power will post -0.73 earnings per share for the current year.

Insider Activity at NuScale Power

In other news, Director Corp Fluor sold 532,354 shares of the company’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $36.52, for a total value of $19,441,568.08. Following the sale, the director owned 3,424,278 shares of the company’s stock, valued at approximately $125,054,632.56. This represents a 13.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have sold 11,624,569 shares of company stock valued at $468,599,880. 1.27% of the stock is currently owned by insiders.

Hedge Funds Weigh In On NuScale Power

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Harbour Investments Inc. increased its holdings in shares of NuScale Power by 21.3% during the second quarter. Harbour Investments Inc. now owns 1,156 shares of the company’s stock worth $46,000 after buying an additional 203 shares in the last quarter. D.A. Davidson & CO. boosted its holdings in shares of NuScale Power by 1.0% in the 2nd quarter. D.A. Davidson & CO. now owns 20,822 shares of the company’s stock worth $824,000 after acquiring an additional 212 shares in the last quarter. TD Waterhouse Canada Inc. grew its position in NuScale Power by 14.8% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 2,641 shares of the company’s stock worth $95,000 after acquiring an additional 341 shares during the last quarter. Rothschild Investment LLC increased its holdings in NuScale Power by 45.2% during the 2nd quarter. Rothschild Investment LLC now owns 1,125 shares of the company’s stock valued at $45,000 after purchasing an additional 350 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. raised its position in NuScale Power by 84.5% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 784 shares of the company’s stock valued at $31,000 after purchasing an additional 359 shares during the last quarter. 78.37% of the stock is currently owned by institutional investors and hedge funds.

NuScale Power Company Profile

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.