NuScale Power (NYSE:SMR) Shares Down 8.1% After Insider Selling

NuScale Power Co. (NYSE:SMR)’s share price dropped 8.1% during trading on Tuesday following insider selling activity. The company traded as low as $20.81 and last traded at $21.74. Approximately 6,612,647 shares changed hands during trading, a decline of 31% from the average daily volume of 9,562,080 shares. The stock had previously closed at $23.66.

Specifically, CEO John Lawrence Hopkins sold 664,568 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $18.04, for a total value of $11,988,806.72. Following the completion of the sale, the chief executive officer now directly owns 34,675 shares of the company’s stock, valued at approximately $625,537. This represents a 95.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. CLSA started coverage on shares of NuScale Power in a research note on Friday, September 13th. They set an “outperform” rating and a $11.00 target price for the company. Craig Hallum increased their target price on shares of NuScale Power from $16.00 to $21.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $10.39.

NuScale Power Stock Performance

The firm has a market cap of $5.54 billion, a P/E ratio of -22.84 and a beta of 1.47. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.24 and a quick ratio of 2.24. The stock’s 50 day moving average is $22.84 and its two-hundred day moving average is $15.49.

Hedge Funds Weigh In On NuScale Power

A number of hedge funds have recently modified their holdings of the stock. Catalina Capital Group LLC grew its position in NuScale Power by 6.8% in the third quarter. Catalina Capital Group LLC now owns 12,638 shares of the company’s stock valued at $146,000 after acquiring an additional 809 shares during the period. HighTower Advisors LLC boosted its stake in shares of NuScale Power by 7.3% in the 3rd quarter. HighTower Advisors LLC now owns 12,108 shares of the company’s stock valued at $140,000 after purchasing an additional 820 shares in the last quarter. Indie Asset Partners LLC grew its holdings in shares of NuScale Power by 7.1% in the 3rd quarter. Indie Asset Partners LLC now owns 18,800 shares of the company’s stock worth $218,000 after purchasing an additional 1,250 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of NuScale Power during the 3rd quarter worth about $44,000. Finally, US Bancorp DE bought a new position in NuScale Power during the 3rd quarter valued at about $54,000. 78.37% of the stock is 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.