NuScale Power (SMR) Stock Down 65% — Is the Sell-Off Overdone?

TLDR

• NuScale is the only U.S. nuclear company with an NRC-approved SMR design, giving it a regulatory head start over rivals.
• Q1 2026 revenue came in at just $565,000 — down 95.8% year-over-year — missing analyst estimates of $7 million.
• The stock is trading around $12–$13, roughly 65% below its price a year ago, with a 52-week high of $57.42.
• Insiders have been heavy sellers, with Director Corp Fluor offloading 13.5 million shares in April for over $159 million.
• Wall Street consensus is “Hold” with an average price target of $15.92, while institutional ownership sits at 78.37%.

NuScale Power (SMR) is trading under $13, sitting roughly 65% below where it was a year ago. That gap between price and potential is drawing attention — but the numbers tell a complicated story.

NuScale Power Corporation, SMR

The stock opened at $12.05 on Thursday and has a 52-week range of $8.85 to $57.42. Its market cap sits at around $4.4–$4.5 billion, which is a big number for a company that made just $565,000 in revenue last quarter.

That Q1 figure wasn’t just light — it missed analyst expectations of $7 million by a wide margin. Revenue was down 95.8% year-over-year, and the company posted an operating loss of $57 million for the quarter.

NuScale reported EPS of -$0.14 for Q1, missing the consensus estimate of -$0.11. Analysts expect full-year EPS of -$0.79.

The Case For NuScale

The bull case starts with regulation. NuScale is the only nuclear reactor developer in the U.S. to hold an NRC-approved small modular reactor (SMR) design. Rivals like Oklo and Nano Nuclear Energy don’t have that yet and could spend years pursuing it.

NuScale also has two active projects. It’s working with a Romanian utility to build a 462-megawatt electric plant on a former coal site. In the U.S., through partner ENTRA1, it’s targeting 6 gigawatts of SMR capacity for the Tennessee Valley Authority.

Neither project is expected to be complete before 2030. So for now, NuScale is a pre-revenue company with a multi-billion dollar valuation.

The company does have a solid liquidity buffer — around $1 billion total, including $341 million in cash and equivalents. That buys time, but it doesn’t generate returns.

Insiders Selling, Institutions Holding

The insider activity is worth watching. In the last 90 days, insiders sold over 40 million shares worth nearly $475 million. The largest was Director Corp Fluor, which sold 13.5 million shares in April at an average price of $11.81, totaling over $159 million.

Corporate insiders now own just 1.28% of the company.

On the other side, institutional investors still own 78.37% of the stock. Seven Grand Managers LLC opened a new position worth $1.77 million in Q4. Several other funds — including MAI Capital Management and Harbour Investments — added to existing positions.

Analyst sentiment is mixed. B. Riley cut its target from $24 to $19 but kept a “Buy” rating. HSBC started coverage with a “Hold” and a $13 target. Royal Bank of Canada trimmed its target from $21 to $14. TD Cowen downgraded from “Buy” to “Hold” in February.

The consensus across 17 analysts is “Hold,” with an average price target of $15.92 — about 25% above where the stock sits today.

NuScale’s 50-day moving average is $11.41 and its 200-day moving average is $15.38, with the stock currently trading between those two levels.

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