Shares of NuScale Power Corporation, the Oregon-based developer of modular nuclear reactors, faced a turbulent day on November 14, 2025, as the stock tumbled 3.2%. The company’s shares traded as low as $21.56 before settling at $22.41 by the close of trading, a notable drop from the previous day’s close of $23.15. Trading volume soared to 25,885,606 shares—an eye-popping 81% increase over the average session volume of 14,305,661 shares, according to MarketBeat.
This spike in trading activity came on the heels of a disappointing quarterly earnings report released on November 6. NuScale Power reported a loss of $1.85 per share for the quarter, falling well short of the consensus estimate of a $0.11 loss. That’s a miss of $1.74 per share—enough to make even seasoned investors wince. The company’s revenue for the quarter was $8.24 million, shy of analyst expectations of $11.29 million. Yet, in a twist that might surprise some, revenue was up an astonishing 1,635.2% compared to the same quarter last year. That’s the kind of growth number that would usually turn heads—if only the bottom line had followed suit.
Despite the revenue surge, NuScale’s financials remained deep in the red. The company reported a negative net margin of 594.63% and a negative return on equity of 51.27%. Those numbers signal that, for now, the costs of developing and commercializing its innovative technology are outpacing incoming cash. As MarketBeat noted, during the same period last year, the company posted a loss of $0.18 per share—so the current loss represents a significant step backward.
Investors and analysts alike have been watching NuScale’s journey closely. The company’s flagship product, the NuScale Power Module (NPM), is a modular light water reactor designed to generate 77 megawatts of electricity. NuScale also offers its VOYGR power plant designs, which can house anywhere from one to twelve NPMs, aiming to provide scalable solutions for electrical generation, district heating, desalination, hydrogen production, and other industrial process heat applications.
But the market’s faith in NuScale has been shaken by a string of analyst downgrades and cautious outlooks. Zacks Research downgraded the stock from a “hold” to a “strong sell” on November 12. Weiss Ratings reiterated a “sell (e+)” rating on October 8, while Bank of America maintained an “underperform” rating, lowering its price target from $38.00 to $34.00 on September 30. BNP Paribas Exane also moved the stock from “neutral” to “underperform” on October 21. Even Barclays, which initiated coverage on September 29, offered only an “equal weight” rating with a $45.00 price objective. The consensus among analysts, according to MarketBeat, is a “Reduce” rating with an average target price of $37.50.
That consensus reflects a divided analyst community: three have rated NuScale as a Buy, seven as a Hold, and six as a Sell. It’s a rare mix that underscores the uncertainty around the company’s prospects. The firm’s market capitalization stands at $6.38 billion, with a price-to-earnings ratio of -7.84 and a beta of 2.03—a combination that points to both high risk and high volatility. The stock’s 50-day moving average price is $38.35, while its 200-day moving average is $36.22, suggesting that the recent price drop is out of step with longer-term trends.
Insider activity has also been in the spotlight. Over the past 90 days, insiders have sold a total of 15,030,641 shares, netting $605,953,415. One notable transaction occurred on October 8, when Director Corp Fluor unloaded 87,900 shares at an average price of $39.58, for a total of $3,479,082.00. Currently, corporate insiders own just 1.27% of NuScale’s shares.
Institutional investors have shown mixed confidence in the company. Several major players adjusted their holdings in the first quarter of the year. Bank of New York Mellon Corp increased its position by 5.2%, now holding 258,626 shares valued at $3,662,000. The Arizona State Retirement System raised its stake by 19.8% to 29,638 shares worth $420,000. CWM LLC made a bold move, upping its holdings by 366.2% to 44,512 shares valued at $630,000. Victory Capital Management Inc. increased its stake by 25.6%, and Kestra Private Wealth Services LLC grew its holdings by a whopping 139.8%. Overall, hedge funds and institutional investors own 78.37% of NuScale’s stock, a sign that big money is still betting—at least in part—on the company’s long-term potential.
NuScale’s story is one of promise and challenge. The company is at the forefront of a potential revolution in nuclear energy, offering safer, smaller, and more flexible reactor designs at a time when the world is searching for low-carbon energy solutions. Yet, as the latest earnings report and analyst reactions show, commercializing advanced nuclear technology is a costly and risky endeavor. The sharp revenue increase suggests that NuScale is making headway in attracting customers or moving projects forward, but the high burn rate and steep losses raise questions about how soon—if ever—the company will reach profitability.
Looking ahead, analysts as a group expect NuScale Power Corporation to post a loss of $0.73 per share for the current fiscal year. Investors will be watching closely to see if the company can narrow that loss, boost margins, and turn its technological advantage into sustained financial success.
For now, NuScale remains a company to watch—one with a bold vision, a challenging road ahead, and a share price that reflects both the hopes and the doubts of the market. Whether it can deliver on its promise of transforming the nuclear power industry is a question that only time (and perhaps a few more earnings cycles) will answer.