Robert Ramsey Hamady, the Chief Financial Officer of NuScale Power Corp (NYSE:SMR), recently sold a significant portion of his holdings in the company. On December 12, Hamady sold 28,840 shares of Class A Common Stock at a price of $23.08 per share. The total value of the transaction amounted to $665,627. Following this sale, Hamady retains ownership of 28,841 shares in the company. This transaction was conducted under a pre-established trading plan.The sale comes amid significant price volatility for SMR, which has seen a remarkable 542% year-to-date return despite a recent 11.7% decline over the past week. According to InvestingPro analysis, the company, now valued at $5.4 billion, shows signs of being overvalued relative to its Fair Value. For deeper insights into insider trading patterns and comprehensive financial analysis, investors can access detailed Pro Research Reports available on InvestingPro, covering over 1,400 US stocks including SMR.
In other recent news, NuScale Power Corporation (TSX:POW) reported its third-quarter earnings for 2024, indicating a robust financial position and strategic progress in the clean energy sector. The company showcased a cash position of $161.7 million and reduced operating expenses from $93.9 million to $41.2 million year-over-year, despite a reported net loss of $45.5 million. NuScale's unique small modular reactor (SMR) technology, the only one with Nuclear Regulatory Commission approval, is ready for near-term deployment, meeting increasing energy demand, notably from data centers.
NuScale is also making notable strides in collaboration and project development. The company is working with ENTRA1 Energy and has received a $20 million customer deposit from RoPower. A power upgrade application for the SMR design is anticipated to conclude by mid-2025. Furthermore, the company is advancing the RoPower project and setting up an energy exploration center in Ghana.
In the analyst's view, NuScale's technology is attracting interest from major tech firms like Amazon (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT), and Google (NASDAQ:GOOGL) for carbon-free energy solutions. The company's strong supply chain and manufacturing partnerships, such as with Doosan Enerbility, support production readiness. These recent developments underscore NuScale's strategic position in the burgeoning clean energy market.
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