B. Riley lowered the firm’s price target on NuScale Power (SMR) to $24 from $38 and keeps a Buy rating on the shares. The stock is down 10% year-to-date as investor concerns have risen around potential dilution following the partnership milestones agreement with ENTRA1 and an increase in authorized share count, the analyst tells investors in a research note. The firm says NuScale shareholders approved an amendment to increase the number of authorized shares of class A common stock from 332M to 662M.
Claim 70% Off TipRanks This Holiday Season
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SMR:
- NuScale Power Slides as Losses Grow and Targets Fall
- Moderately bullish activity in Nuscale Power Corp with shares up 2.12%
- NuScale Power Advances with Share Amendment Approval
- Moderately bullish activity in Nuscale Power Corp with shares down 5.72%
- NuScale Power price target lowered to $23 from $27 at Goldman Sachs