stockprice

The SMR stock price dropped roughly 27% in three weeks during October, from above $7.60 to near $5.60. Three forces drove the sell-off.

Higher interest rates continued to punish pre-revenue growth stocks. NuScale carries a beta of 2.37, amplifying every broad market move. Analyst downgrades from UBS ($6 target, Sell), Barclays ($5, Underweight), and Citi ($4, Sell) accelerated selling. The ENTRA1 and TVA pipeline of up to 6 gigawatts remained non-binding, and the market stopped giving credit for potential.

The balance sheet provides a counterargument. Total liquidity near $1.9 billion gives NuScale four to five years of runway. The Doosan manufacturing contract moves the program into first-unit production. Q3 earnings on November 5 will test whether these are enough to stop the bleeding. Not a guarantee either way.

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