NuScale Power (NYSE:SMR) Shares Gap Up – Here’s Why

NuScale Power Co. (NYSE:SMR) gapped up before the market opened on Wednesday . The stock had previously closed at $21.71, but opened at $22.50. NuScale Power shares last traded at $21.99, with a volume of 3,886,048 shares traded.

Analyst Upgrades and Downgrades

SMR has been the subject of a number of research analyst reports. CLSA assumed 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. Craig Hallum boosted their target price on NuScale Power from $16.00 to $21.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $10.39.

NuScale Power Price Performance

The company has a quick ratio of 2.24, a current ratio of 2.24 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $4.85 billion, a price-to-earnings ratio of -20.01 and a beta of 1.33. The company has a 50 day moving average of $22.23 and a 200 day moving average of $14.36.

Insiders Place Their Bets

In other news, insider Robert K. Temple sold 68,558 shares of the business’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $13.02, for a total transaction of $892,625.16. Following the transaction, the insider now directly owns 14,054 shares of the company’s stock, valued at approximately $182,983.08. The trade was a 82.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Jacqueline F. Engel sold 18,186 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $29.00, for a total value of $527,394.00. Following the sale, the vice president now owns 3,801 shares of the company’s stock, valued at approximately $110,229. This trade represents a 82.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 277,610 shares of company stock valued at $4,428,780 over the last quarter. Company insiders own 1.96% of the company’s stock.

Hedge Funds Weigh In On NuScale Power

Hedge funds have recently bought and sold shares of the company. Canal Insurance CO increased its stake in NuScale Power by 35.0% during the third quarter. Canal Insurance CO now owns 216,000 shares of the company’s stock valued at $2,501,000 after purchasing an additional 56,000 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of NuScale Power by 212.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 677,248 shares of the company’s stock valued at $7,843,000 after purchasing an additional 460,487 shares during the last quarter. Verition Fund Management LLC boosted its position in NuScale Power by 319.9% during the 3rd quarter. Verition Fund Management LLC now owns 113,476 shares of the company’s stock valued at $1,314,000 after purchasing an additional 86,454 shares during the period. Benjamin Edwards Inc. acquired a new stake in NuScale Power in the third quarter worth $277,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of NuScale Power by 57.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 351,777 shares of the company’s stock valued at $4,074,000 after acquiring an additional 128,012 shares during the period. 78.37% of the stock is currently owned by institutional investors and hedge funds.

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.