SMR - Why NuScale Power Stock Tumbled 33% Today
2024-03-19 13:39:00 ET
Easy come, easier go. Yesterday, shares of small modular (nuclear) reactor builder NuScale Power Corporation (NYSE: SMR) soared 29% on the back of a price-target hike from analysts at Canaccord Genuity.
Today, though, a different investment bank -- Wells Fargo -- pointed out how crazy that momentum rally looked. Now, NuScale stock is dropping 33% as of 11:45 a.m. ET.
NuScale stock had already tripled this year, as Wells Fargo points out today in a note on StreetInsider.com. The fact that this happened even though NuScale reported a big net loss last week -- more than $180 million lost for all of 2023 -- is bad enough, meaning investors may not have understood the import of the bad earnings news. But Wells Fargo's explanation of the situation is even worse than that.
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Why NuScale Power Stock Tumbled 33% Today