SMR - Why NuScale Power Stock Trounced the Market on Tuesday
2023-10-24 17:41:05 ET
Score one for a business that can effectively respond to a detractor. NuScale Power (NYSE: SMR) saw its share price rise by over 6% on Tuesday following a feisty punch-back from the company. Its response to a highly critical short-seller report was celebrated by the market, with the stock's increase well exceeding the 0.7% advance of the S&P 500 index.
Last Thursday, a short seller called Iceberg Research published that report. Among other allegations, Iceberg said that several of NuScale's current contracts to supply its small modular nuclear reactors (SMRs) had little chance of reaching completion.
NuScale came out swinging on Tuesday. It published a terse yet, at times, strongly worded reaction to Iceberg's slew of accusations. The company described the report as "riddled with speculative statements with no basis in fact."
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Why NuScale Power Stock Trounced the Market on Tuesday