NuScale Power (NYSE:SMR) Trading 6.5% Higher – Here’s Why

NuScale Power Co. (NYSE:SMR)’s share price shot up 6.5% during trading on Thursday . The stock traded as high as $28.42 and last traded at $28.06. 10,872,091 shares changed hands during trading, an increase of 71% from the average session volume of 6,362,766 shares. The stock had previously closed at $26.34.

Analysts Set New Price Targets

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

NuScale Power Stock Performance

The stock’s 50 day moving average price is $18.11 and its two-hundred day moving average price is $12.50. 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 firm has a market capitalization of $7.17 billion, a price-to-earnings ratio of -29.54 and a beta of 1.12.

Insider Buying and Selling

In other news, insider Robert K. Temple sold 144,627 shares of NuScale Power stock in a transaction that occurred 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 in the company, valued at approximately $153,188.60. This trade represents a 91.14 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders have sold 409,051 shares of company stock valued at $5,525,671. Corporate insiders own 1.96% of the company’s stock.

Hedge Funds Weigh In On NuScale Power

Several hedge funds have recently bought and sold shares of SMR. Franklin Resources Inc. purchased a new stake in NuScale Power during the third quarter worth $555,000. Tidal Investments LLC purchased a new stake in shares of NuScale Power in the 3rd quarter worth about $118,000. Barclays PLC grew 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 acquiring an additional 124,441 shares during the last quarter. Geode Capital Management LLC increased its holdings in NuScale Power by 21.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,829,843 shares of the company’s stock valued at $21,194,000 after acquiring an additional 317,285 shares in the last quarter. Finally, State Street Corp raised its position in 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 acquiring an additional 154,368 shares during the last quarter. 15.28% of the stock is owned by hedge funds and other institutional investors.

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.