NEW YORK, Dec. 27, 2025, 7:16 p.m. ET — Market closed (Weekend)
NuScale Power Corporation (NYSE: SMR) is heading into the weekend under renewed scrutiny after a steep, high-volume drop in Friday’s session — a move that stood out even in a quiet, late-December tape. Shares fell about 7.7% on Dec. 26, last trading around $14.85 after touching lows near $14.76, with roughly 24 million shares changing hands — well above typical daily volume. [1]
With U.S. exchanges closed until Monday, investors are left to digest a familiar tug-of-war around NuScale: long-term optimism over small modular reactors (SMRs) versus near-term concerns around funding needs, dilution risk, and the timing of binding customer commitments. A weekend note from TipRanks pointed to dilution worries and a tougher profitability path as key pressures, even as options activity has sometimes leaned “moderately bullish,” suggesting some traders remain positioned for volatility — but not necessarily a collapse. [2]
SMR stock recap: where NuScale finished Friday — and the last after-hours print
Friday’s selloff pushed SMR down from a prior close near $16.08 to roughly $14.85. [3]
After the closing bell, MarketWatch showed NuScale down to about $14.80 in after-hours trading (a modest dip from the regular-session close), underscoring how the big move was largely a regular-session repricing rather than a late headline shock. [4]
What’s “new” in the last 24–48 hours: the selloff itself — and nuclear-stock momentum screens
In the past 24–48 hours, most fresh coverage has been market-action driven rather than tied to a new NuScale press release. MarketBeat’s late-week write-up focused on the size of the drop and the surge in volume. [5]
Separately, MarketBeat’s “nuclear stocks to watch” screen for Dec. 27 included NuScale (SMR) among the highest-dollar-volume names in the theme — a reminder that even on down days, SMR remains one of the sector’s most actively traded (and most sentiment-driven) tickers. [6]
Why investors keep coming back to dilution: authorized shares, equity funding, and the Fluor overhang
A major reason “dilution” keeps popping up in SMR coverage is that it’s not theoretical — it’s tied to concrete corporate actions and disclosed financing flexibility.
1) Shareholders approved a big jump in authorized shares
In an 8-K dated Dec. 16, 2025, NuScale disclosed that shareholders approved an amendment increasing authorized Class A common stock from 332,000,000 to 662,000,000 shares. The filing also reported the vote tally: 184,482,987 FOR, 27,954,729 AGAINST, 606,493 ABSTAIN. [7]
In its proxy materials, NuScale described the authorized-share increase as providing flexibility to issue shares in the future for financing or strategic purposes without returning to shareholders for each issuance. [8]
2) Fluor’s stake monetization remains a supply question
NuScale and Fluor announced on Nov. 6, 2025 an agreement under which Fluor would convert remaining Class B units into Class A shares and begin a structured monetization process, with Fluor expecting to complete the monetization by the end of Q2 2026. The same release described volume restrictions designed to “preserve” equity value during the process, along with limits on NuScale equity issuances through February 2026 intended to align interests and support market stability. [9]
3) The company has already used the equity markets aggressively in 2025
In its Q3 2025 results release, NuScale reported ending the quarter with $753.8 million in cash, equivalents, and investments, and said it sold 13.2 million shares through an at-the-market program for $475.2 million in gross proceeds during the quarter. [10]
That same release detailed that a large rise in G&A was driven in part by the recognition of “Milestone Contribution 1” of $495.0 million under a Partnership Milestones Agreement with ENTRA1 — a reminder that NuScale’s financials can swing sharply based on milestone accounting and commercialization activities. [11]
Analyst targets and forecasts: cuts continue, but price targets remain widely dispersed
Wall Street remains divided — and the dispersion is a big part of SMR’s “story stock” status.
Recent notable target changes (real-time news reports):
- B. Riley lowered its price target on NuScale to $24 from $38 and kept a Buy rating, explicitly citing dilution concerns tied to the ENTRA1 partnership milestones agreement and the increased authorized share count. [12]
- Goldman Sachs lowered its NuScale price target to $23 from $27, maintaining a Neutral rating. [13]
- Citi slashed its target to $18.50 from $37.50 and kept a Sell rating, pointing to Fluor’s planned monetization and uncertainty around NuScale’s first firm contract; Citi also flagged skepticism about a near- to medium-term TVA contract. [14]
Where consensus targets stand now (varies by provider):
- MarketBeat shows a consensus rating of “Reduce” with an average 12-month price target of $35.18 (with targets spanning roughly $20 to $60) — implying large upside from the current price, but with a cautious rating mix. [15]
- TipRanks shows a consensus rating of Hold and an average price target of $33.32, also with a wide high/low range (again underscoring uncertainty). [16]
The takeaway for investors: even after a big drawdown, the “street math” still leaves room for upside on paper — but recent research notes show that much of the coverage has shifted toward financing mechanics and execution risk, not just reactor technology promise. [17]
Positioning check: short interest is still elevated — which can cut both ways
NuScale remains a stock where positioning can amplify price action. As of Dec. 15, 2025, MarketBeat data showed about 41.0 million shares sold short, roughly 13.9% of the float, with an estimated 1.7 days to cover. [18]
That’s high enough to fuel sharp rallies on good news (or even technical bounces), but it also reflects persistent skepticism — and it can worsen drawdowns when liquidity thins and sellers get aggressive.
Meanwhile, TipRanks’ weekend note highlighted that options activity has sometimes looked “moderately bullish,” with call buying outpacing puts and implied volatility easing into the lower end of its yearly range — a setup that can still coexist with a falling stock when traders are hedging or betting on mean reversion rather than a straight-line recovery. [19]
The bigger backdrop: SMR optimism is real — but timelines are long
NuScale’s long-term bull case still rests on commercialization milestones and customer conversion. Two sector-wide reference points are often cited:
- Reuters reported earlier in 2025 that the U.S. Nuclear Regulatory Commission approved NuScale’s upgraded 77 MW SMR design — a meaningful regulatory milestone for the company’s technology pathway. [20]
- Reuters also reported in December that the U.S. Department of Energy planned up to $800 million in funding support for SMR development tied to projects involving TVA and Holtec, reflecting continued federal interest in jump-starting early deployments (even as the economics of first-of-a-kind projects remain debated). [21]
At the same time, NuScale’s history includes reminders of execution risk: Reuters previously detailed how the cancellation of its Carbon Free Power Project weighed on sentiment around new nuclear economics and contracting hurdles. [22]
What investors should know before the next session: a Monday checklist for SMR stock
With the market closed through the weekend, SMR traders typically focus on headlines + positioning + liquidity. Here are the most practical items to watch before Monday’s open:
1) Any weekend developments on dilution or share supply
The market remains sensitive to anything that changes expectations about share issuance pace — especially after the authorized-share increase and the Fluor monetization framework disclosed in company communications and filings. [23]
2) Fluor-related selling signals
Because Fluor has publicly described a path to monetize its stake by the end of Q2 2026 (with agreed volume restrictions), investors often watch for signs of block activity, elevated volume, or commentary that suggests selling pressure is accelerating or easing. [24]
3) Nuclear-sector sympathy moves
NuScale trades in a high-beta pocket of the market. It has also been appearing on nuclear-stock momentum screens — so moves in peers (or macro nuclear headlines) can spill over into SMR, especially in thin year-end liquidity. [25]
4) Calendar awareness: the next earnings window
Several trackers currently estimate NuScale’s next earnings release timing around early March 2026 (date estimates can change). [26]
For sentiment-driven names, “time to next update” matters: the closer the stock gets to a scheduled report, the more quickly narratives can shift from technicals back to fundamentals.
5) Expect volatility — because the setup supports it
Elevated short interest plus heavy recent volume can create fast squeezes and equally fast reversals, especially if premarket headlines hit a thin book. [27]
Bottom line
NuScale Power stock enters the weekend after a decisive Friday drop that put dilution and funding mechanics back at the center of the story — not because SMR technology suddenly changed, but because the market is re-pricing the path (and cost) of getting from “approved design and big headline programs” to “binding contracts and repeatable deployment.”
For Monday, the key question isn’t just whether SMR bounces — it’s whether buyers step in with enough conviction to absorb lingering supply concerns, or whether the stock remains trapped in a volatility loop where every rally is measured against financing needs, analyst target cuts, and the timeline to firm commercial commitments. [28]
References
1. www.marketbeat.com, 2. www.tipranks.com, 3. www.marketbeat.com, 4. www.marketwatch.com, 5. www.marketbeat.com, 6. www.marketbeat.com, 7. www.sec.gov, 8. www.sec.gov, 9. www.nuscalepower.com, 10. www.nuscalepower.com, 11. www.nuscalepower.com, 12. www.tipranks.com, 13. www.tipranks.com, 14. www.tipranks.com, 15. www.marketbeat.com, 16. www.tipranks.com, 17. www.tipranks.com, 18. www.marketbeat.com, 19. www.tipranks.com, 20. www.reuters.com, 21. www.reuters.com, 22. www.reuters.com, 23. www.sec.gov, 24. www.nuscalepower.com, 25. www.marketbeat.com, 26. www.zacks.com, 27. www.marketbeat.com, 28. www.tipranks.com
