TLDR
- NuScale stock has fallen 83% from its 52-week high of $57, now trading around $9.70
- Revenue collapsed 99.1% year-over-year to just $0.07 million last quarter
- The company has no firm first sale and lost longtime shareholder Fluor
- A $750 million share sale threatens further dilution for existing investors
- Analysts hold a consensus “Hold” rating with an average price target of $13.50
NuScale Power (SMR) is trading around $9.70, down roughly 83% from its 52-week high of $57.42. Despite the steep drop, the company still carries a market cap of around $4 billion, putting it in mid-cap territory for a business with almost no revenue.
NuScale Power Corporation, SMR
Last quarter, NuScale reported just $0.07 million in revenue, a 99.1% drop from the same period a year ago. The company missed analyst revenue estimates of $8.80 million by a wide margin, though it did match EPS expectations with a loss of $0.13 per share.
The revenue miss isn’t the only thing weighing on investors. NuScale has no firm first sale for its small modular reactor technology, which means its commercial future remains unproven.
Fluor, a longtime institutional shareholder, has also exited its position. That kind of vote of no-confidence from a major backer tends to rattle markets, and this was no exception.
Cash Burn and Dilution Risk
The company is burning through cash with no clear path to profitability in the near term. Analysts forecast a full-year EPS of -$0.64 for the current fiscal year.
Making things worse, NuScale announced a $750 million share sale, which could dilute existing investors further. The company also made a $506 million milestone payment to ENTRA1 Energy related to a potential SMR deployment with Tennessee Valley Authority (TVA).
On top of that, insiders have been selling. CFO Robert Hamady sold nearly 30,000 shares in late August at $9.39 per share. COO Carl Fisher sold over 18,000 shares in early August. Both sales were tied to tax obligations from vesting equity awards, but combined insider selling totaled 68,651 shares over the past three months.
Institutional investors have been more mixed. Vanguard increased its stake by 40.5%, and Van ECK Associates nearly doubled its position. Morgan Stanley added to its holdings too. In total, institutional and hedge fund ownership stands at 78.37% of the stock.
What Analysts Are Saying
Wall Street is divided. The current consensus is a “Hold” with an average price target of $13.50, well above where the stock trades today.
Bank of America rates it “Neutral” with a $12 target. Truist also rates it “Hold” with a $10 target. Goldman Sachs set a $9 target. On the more optimistic side, both B. Riley Financial and Canaccord Genuity rate the stock a “Buy,” though both recently cut their targets, with B. Riley dropping from $19 to $15 and Canaccord from $25 to $15.
Of 17 analysts covering the stock, one has a Strong Buy, four have a Buy, nine have a Hold, and three have a Sell.
The stock’s beta sits at 2.30, meaning it moves sharply in both directions. Its 50-day moving average is $9.12 and the 200-day sits at $10.80.
NuScale’s 52-week low is $7.21 and its high is $57.42.
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