NEW YORK, Dec. 28, 2025, 4:28 a.m. ET — Market closed (Weekend).
NuScale Power Corporation (NYSE: SMR) is heading into the final trading days of 2025 under a cloud of renewed volatility after a sharp selloff in Friday’s session. Shares were last indicated around $14.85 in the most recent available prints, following a steep decline from the prior close and unusually heavy turnover for the name. [1]
With U.S. stock markets closed for the weekend, investors now have time to digest what drove the move—and what could matter most when trading resumes Monday, Dec. 29. The immediate storyline centers on dilution anxiety (and the market’s hair-trigger reaction to it), even as analysts’ published targets still sit far above the current price—highlighting just how wide the gap has become between near-term sentiment and longer-term expectations. [2]
What happened to NuScale stock in the last session
In Friday trading, MarketBeat reported SMR fell about 7.7%, touching lows near $14.76 and last trading around $14.845, with roughly 24 million shares changing hands—well above typical volume. [3]
Investing.com also pegged Friday’s previous close at $16.08 and listed the stock near $14.85, underscoring the size of the single-session reset. [4]
The key pressure point: authorized share increase and dilution concerns
A major overhang for SMR in late December has been investors’ focus on potential future share issuance.
NuScale disclosed in an 8-K that stockholders approved an amendment increasing the number of authorized shares of Class A common stock from 332,000,000 to 662,000,000 (effective Dec. 16, 2025). [5]
While an authorized-share increase does not automatically mean new shares are issued immediately, it expands the company’s flexibility to issue equity in the future—often interpreted by the market as raising the probability of dilution, especially for companies that may fund multi-year commercialization efforts partly through capital markets. Trefis described the authorized-share vote as a key catalyst fueling dilution fears in recent trading. [6]
A second supply-side factor: Fluor’s planned stake monetization
Adding to the supply narrative, NuScale and Fluor previously announced an agreement under which Fluor would convert its remaining Class B units into NuScale Class A shares and “promptly begin a structured monetization,” subject to volume restrictions, with Fluor expecting to complete monetization by the end of Q2 2026. [7]
In that same announcement, Fluor CEO Jim Breuer framed the shift as capturing value for Fluor shareholders, while NuScale CEO John Hopkins characterized it as an evolution that supports NuScale’s push to deliver its SMR technology to market. [8]
Importantly for investors worried about near-term dilution, the companies also described limitations on NuScale’s equity issuances through February 2026 as part of the broader alignment package—though the market has still reacted sensitively to any signal that future equity supply could increase. [9]
What the latest “weekend reads” are saying (last 24–48 hours)
In the past 24–48 hours, commentary has focused less on a single new corporate headline and more on market mechanics—sentiment, options positioning, and the dilution narrative.
TipRanks’ weekend update said SMR fell 9.62% over the past week, and highlighted a notable split: options activity that appeared “moderately bullish” (with call buying outpacing puts and implied volatility easing) even as the stock trend stayed pressured. The same piece pointed to investor concerns around profitability and the possibility of future dilution as central themes. [10]
MarketBeat’s Friday recap emphasized the high-volume decline and also summarized a mixed analyst stance around the stock, reflecting how divided forecasts remain. [11]
Where Wall Street stands: targets remain high, but recent trims show caution
Despite the selloff, published sell-side targets still imply large upside from current levels—though many firms have been revising assumptions as 2025 progressed.
- MarketBeat lists an average 12‑month price target around $35.18 (with a “Reduce” consensus in its compilation). [12]
- Investing.com shows an average 12‑month target around $35.50, and also summarizes notable firm-level stances—such as B. Riley at Buy with a $24.00 target (action date shown as Dec. 22, 2025) and Citi at Sell with an $18.50 target (action date shown as Dec. 10, 2025). [13]
- Fintel similarly shows a wide spread of targets and a high-end forecast well above the current quote, reinforcing that dispersion is a feature—not a bug—of SMR coverage right now. [14]
For readers who care about who is making the calls: GuruFocus reported that B. Riley Securities analyst Ryan Pfingst maintained a Buy while cutting the price target to $24 (from $38), illustrating the market’s “still bullish, but less so” recalibration. [15]
Technical picture: deeply oversold signals, but trend still negative
From a purely technical lens, Investing.com’s indicators (as of Dec. 27) flagged RSI(14) near 28.7—a level commonly interpreted as oversold—while the broader technical summary still read “Strong Sell” across multiple indicators and moving averages. [16]
That combination—oversold oscillators but bearish moving-average structure—is typical of momentum drawdowns where sharp bounces can happen, but trend-following models remain cautious until price stabilizes or reclaims key averages.
Fundamentals investors keep circling back to: cash runway vs. commercialization costs
NuScale’s longer-term bull case hinges on turning its SMR technology into bankable, repeatable projects. But the company is still in a heavy investment phase—one reason the stock can react so violently to capital-structure headlines.
In its Q3 2025 results, NuScale reported ending the quarter with $753.8 million in cash, cash equivalents, and investments. It also disclosed selling 13.2 million shares via an at‑the‑market program during the quarter, generating $475.2 million in gross proceeds—context that helps explain why equity supply is such a sensitive topic for this shareholder base. [17]
What investors should know before the next session
Because markets are closed right now, the practical question becomes: what can change between now and Monday’s open?
1) Watch for any capital-markets headlines.
With authorized share capacity expanded, traders will be hypersensitive to any sign of an offering, an expanded ATM, or conversion/sale-related flow tied to large holders. The authorized-share amendment itself is already public, but incremental financing details are what can move the stock next. [18]
2) Be aware that NuScale’s investor calendar is currently quiet.
NuScale’s investor events page shows no upcoming events posted at the moment, which can amplify the market’s tendency to trade the stock on narrative and positioning rather than near-term catalysts. [19]
3) Earnings timing is still not formally “set,” but estimates cluster in early March.
MarketBeat notes the company has not confirmed the next earnings publication date and lists an estimated next report around March 2, 2026 (after the market close). Treat that as a planning marker, not a guarantee, until NuScale formally announces. [20]
4) Monday’s tone may hinge on liquidity and follow-through.
Year-end trading can bring thinner liquidity, which sometimes exaggerates moves—especially in high-beta names. MarketBeat lists SMR’s beta above 2, consistent with the stock’s history of outsized swings. [21]
Bottom line
NuScale stock is entering Monday’s session with momentum traders focused on a high-volume breakdown, while longer-horizon investors weigh a familiar tradeoff: meaningful strategic progress and sector tailwinds versus the reality that commercialization is expensive—and often financed through equity.
With the market closed today, the most actionable preparation for Monday is to separate structural items (authorized share capacity, planned stake monetization timelines, cash runway) from headline risk (any new financing or flow news) and then watch whether SMR finds stability—or keeps sliding—when real-time price discovery returns. [22]
References
1. www.marketbeat.com, 2. www.sec.gov, 3. www.marketbeat.com, 4. www.investing.com, 5. www.sec.gov, 6. www.trefis.com, 7. www.nuscalepower.com, 8. www.nuscalepower.com, 9. www.nuscalepower.com, 10. www.tipranks.com, 11. www.marketbeat.com, 12. www.marketbeat.com, 13. www.investing.com, 14. fintel.io, 15. www.gurufocus.com, 16. www.investing.com, 17. www.nuscalepower.com, 18. www.sec.gov, 19. www.nuscalepower.com, 20. www.marketbeat.com, 21. www.marketbeat.com, 22. www.sec.gov
