NEW YORK, Dec. 27, 2025, 7:45 a.m. ET — Market closed (Weekend)
NuScale Power Corporation (NYSE: SMR) heads into the weekend with investors recalibrating after a steep, high-volume selloff on Friday—an outsized move that stood out even as the broader market barely budged in a quiet, post-Christmas session.
SMR shares finished Friday at $14.85, down 7.65% on the day, and slipped modestly again in after-hours trading to $14.80. [1]
That decline landed in a market tape that was notably calm: U.S. stocks ended Friday only marginally lower in thin, holiday-period trading and remained near record territory, with the “Santa Claus rally” window underway. [2]
What happened to NuScale stock on Friday
While major indexes were essentially flat, NuScale’s move wasn’t. The stock fell roughly 7.7% during Friday’s regular session, trading down to about $14.76 and drawing around 24 million shares of volume—well above typical activity for many mid-cap industrial names, and notable for a holiday-week session. [3]
In plain English: SMR didn’t drift lower. It got shoved.
Importantly for weekend readers, there does not appear to have been a major NuScale press release posted in the last day or two—the company’s most recent press releases on its site are dated earlier in November. [4] That doesn’t rule out all catalysts (markets can move on positioning, options flows, and thematic rotations), but it helps frame Friday’s action as potentially flow-driven rather than a reaction to a single fresh headline.
The market backdrop: light volume, “Santa rally” tape
Friday’s session (Dec. 26) reopened after Christmas with light trading volume and minimal catalysts, and the major indexes ended only slightly lower, snapping a short winning streak while still keeping weekly gains. [5]
The New York Stock Exchange’s calendar also reflects how unusual this week can be for liquidity: Christmas Eve had an early close, and then markets transitioned through a holiday break. [6]
That matters for SMR because thin liquidity can amplify volatility, especially in crowded themes like nuclear/SMR equities.
The bigger story investors keep circling: capital structure and dilution risk
Even without a new headline in the last 48 hours, NuScale still carries a “capital structure” narrative that traders have been watching closely—one that can weigh on sentiment after rallies and magnify selloffs during risk-off moments.
1) Authorized share count was just increased
NuScale disclosed in an 8-K dated Dec. 16, 2025 that it filed a certificate of amendment to increase authorized Class A common stock from 332,000,000 to 662,000,000 shares after stockholder approval at a special meeting. [7]
The filing also includes the vote tally (roughly 184.5 million “for” versus 28.0 million “against”, with ~213.0 million shares represented). [8]
Wall Street doesn’t automatically treat “authorized shares” as immediate dilution—but it does often interpret the change as increased flexibility to issue stock, which can pressure the price if investors expect issuance.
2) NuScale has been actively using at-the-market equity issuance
In its Q3 2025 results, NuScale said it ended the quarter with $753.8 million in cash, cash equivalents, and investments, and that it sold 13.2 million shares through an at-the-market (ATM) program during the quarter, generating $475.2 million in gross proceeds. [9]
That’s a meaningful data point because it anchors the debate:
- Bulls see a company extending its runway in a capital-intensive industry.
- Bears see an equity story where future dilution is part of the business model until major customer contracts and deployments mature.
Separately, an SEC-filings-based report in November described NuScale initiating a $750 million at-the-market stock offering program (and terminating a prior ATM program). [10]
3) Fluor overhang is still part of the conversation
NuScale and Fluor previously announced an agreement related to conversion and monetization of Fluor’s remaining stake, including limitations on NuScale’s equity issuances through February 2026, described as intended to support market stability while both access capital markets. [11]
For SMR traders, this matters because “supply” isn’t just what NuScale may issue—it’s also what large holders may sell over time.
Fundamentals and project catalysts: why investors stay engaged despite volatility
NuScale isn’t trading like a slow-and-steady utility supplier. It trades like a high-beta energy transition bet—and it has real catalysts that keep it on screens.
In its Q3 release, NuScale highlighted progress tied to its strategic partner ENTRA1 and a landmark TVA-related program, and CEO John Hopkins framed the TVA/ENTRA1 effort as a major validation of NuScale’s commercial direction. [12]
The company also pointed to continued work connected to the RoPower project in Romania, alongside broader commercialization efforts. [13]
The push-pull for investors is that these are potentially huge-scale opportunities—but the path from agreements and engineering work to deployed, revenue-generating plants can be long, regulated, and capital-intensive.
Analyst forecasts: upside targets exist, but the Street is split
Analyst sentiment on SMR remains mixed—high upside targets are common, but so are caution flags.
TipRanks shows NuScale with a consensus “Hold” rating (with a split mix of buys, holds, and sells) and an average 12‑month price target of $33.32 (high forecast $60, low forecast $18.50), based on analysts’ updates over the past three months. [14]
On the “recent revisions” front, TipRanks’ detailed list includes:
- Ryan Pfingst (B. Riley Securities): price target cut $38 → $24 while reiterating Buy (dated 12/22/25). [15]
- Jeff Grampp (Northland Securities): price target cut $40 → $30 while reiterating Hold (dated 11/11/25). [16]
Those updates underline a key nuance: even among firms that remain constructive, the stock’s volatility and financing needs can force target resets.
Technical and positioning snapshot into the weekend
NuScale remains a volatility-heavy chart. A Finviz data snapshot shows:
- 52-week high: 57.42
- 52-week low: 11.08
- The current price implies a steep drawdown from the high. [17]
The same snapshot also flags the stock’s elevated short positioning metrics and a high-beta profile typical of aggressive risk-on/risk-off swings. [18]
Separately, data providers tracking short interest show a large absolute short position (around 41 million shares), though the “percent of float” can vary depending on the float definition and timing used. [19]
What investors should know before the next session (Monday, Dec. 29)
With markets closed for the weekend, SMR investors have one job: separate Friday’s price action from Monday’s tradable catalysts.
Here are the practical watchpoints heading into the next open:
1) Watch for filings and capital-market updates
Given the authorized share increase and the company’s history of ATM usage, the market can react quickly to any sign of incremental issuance, amended sales agreements, or other capital structure updates. [20]
2) Track whether the move was stock-specific or theme-wide
Friday’s broader tape was calm and holiday-thin, which can exaggerate moves in thematic names. [21]
If nuclear/SMR peers open similarly weak on Monday, that points to a theme rotation; if SMR diverges again, traders will search for a company-specific driver.
3) Re-check the “dilution vs. runway” narrative
NuScale has emphasized liquidity (cash/investments and recent capital raises), but investors also need to price the reality that commercialization timelines in nuclear tech are long. [22]
4) Expect volatility to remain high
SMR’s wide 52-week range and sharp multi-day moves in December show the stock can gap and run (or gap and fade) quickly—especially as year-end positioning and tax considerations hit the tape. [23]
Bottom line
NuScale Power stock’s Friday slide into the weekend looks less like a macro-driven event and more like a reminder of what SMR is: a high-volatility nuclear theme name where capital structure headlines, dilution expectations, and commercialization timelines can matter as much as the technology story itself. The next session will test whether Friday was a one-day air pocket in thin holiday trade—or the start of a fresh leg lower driven by renewed caution on financing and share supply. [24]
References
1. stockanalysis.com, 2. www.reuters.com, 3. www.marketbeat.com, 4. www.nuscalepower.com, 5. www.reuters.com, 6. www.nyse.com, 7. www.sec.gov, 8. www.sec.gov, 9. www.nuscalepower.com, 10. www.investing.com, 11. www.nuscalepower.com, 12. www.nuscalepower.com, 13. www.nuscalepower.com, 14. www.tipranks.com, 15. www.tipranks.com, 16. www.tipranks.com, 17. finviz.com, 18. finviz.com, 19. www.marketbeat.com, 20. www.sec.gov, 21. www.reuters.com, 22. www.nuscalepower.com, 23. stockanalysis.com, 24. stockanalysis.com
