NuScale Power Corporation (SMR)

NuScale Power Corporation (SMR) stock declined by 34.85% due to contrasting views from different investment banks. The stock dropped significantly after Wells Fargo highlighted risks associated with the company.

• Wells Fargo's Analysis: Wells Fargo pointed out that NuScale stock had already tripled in value this year, despite the company reporting a significant net loss of over $180 million for 2023. The bank stated that investor enthusiasm for NuScale's VOYGR nuclear power product was misguided, as it has "no secure customers" and is "not cost competitive". Wells Fargo downgraded NuScale stock to underweight (sell) and assigned a price target of $4.50, the same as the price target raised by Canaccord Genuity the day before.
• Impact on Stock Price: Wells Fargo's analysis contradicted the positive outlook provided by Canaccord Genuity, leading to a sharp decline in NuScale's stock price. The conflicting views from different investment banks created uncertainty among investors, causing many to sell their shares and resulting in the significant drop in stock price.

Nuscale Power Corporation Stock (SMR) dropped by 32.90% from $3.10 to $2.08 in the trading on Thursday November 9, 2023. The reasons why SMR stock down today include:

• Q3 FY23 results: The company reported an increase in revenue but also a wider net loss compared to the same period in the previous year. Revenue increased to $7.0 million in Q3 2023 from $3.2 million in Q3 2022. Net loss widened to $58.3 million in Q3 2023 compared to $49.6 million in the same period last year.
• Idaho reactor deal collapses: Portland-based NuScale Power called off a deal to build nuclear reactors in Idaho on Wednesday, dealing a serious blow to NuScale’s prospects and triggering a collapse in its stock price.

Shares of Nuscale Power Corporation (SMR) dropped by 11.51% from $5.04 to $4.46 in the trading on Thursday, October 19, 2023. The reason why SMR stock down is due to a the sale of shares by a former officer. Specifically, Former Officer Chris sold 75,585 shares of SMR stock at a price of $5.77. This insider selling activity likely raised concerns among investors and may have contributed to the sharp drop in the stock's price.