NuScale Power Corp. Stock Melts Down 25% Wednesday and 56%+ Over Two Days
$NuScale Power(SMR.US$ sank more than 25% Wednesday as the nuclear-reactor maker continued to give back massive gains that saw its stock price more than triple in less than a month.
SMR fell 25.8% to end Wednesday's session at $4.88. The company -- which makes next-generation small modular nuclear reactors – has shed 56.5% since shares hit a 13-month intraday high of $11.21 on Monday.
NuScale fell Wednesday afterWells Fargo reportedly downgraded SMR's shares to "Underweight" from a previous "Equal Weight," while also cutting the company's price target to $4.50 from an earlier $7.50.
A two-day pullback on Tuesday and Wednesday put an end to a roughly month-long rally that saw NuScale gain 353.8% after shares hit a $2.47 near-term intraday bottom on Feb. 22.
Shares had rallied in and around SMR's Q4 earnings, which the company released on March 14 after the bell.
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