SMR - Why NuScale Power Stock Ripped 50.5% Higher in May
2024-06-10 16:30:12 ET
I don't blame you if you haven't heard about NuScale Power (NYSE: SMR) before -- after all, it's a young company founded in 2007 and went public in 2022. The stock, however, was down 69% through the end of 2023 before it dramatically rebounded this year. In May alone, the stock jumped a whopping 50.5%, according to data provided by S&P Global Market Intelligence .
Ironically, NuScale Power reported a 75% drop in its year-over-year revenue because of the loss of a contract and a 35% rise in net loss for its first quarter last month. Why did the stock go parabolic in May, then? It turns out that investors expect NuScale Power to benefit from the U.S. government's moves to boost the local nuclear industry .
NuScale Power has developed a small modular reactor (SMR) nuclear technology powered by modules that can generate carbon-free nuclear energy for various end uses, including electricity generation, hydrogen production, desalination, and powering data centers.
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Why NuScale Power Stock Ripped 50.5% Higher in May