NuScale Sinks for Fifth Day After Citi Downgrade and Fluor Stake Uncertainty

Investor caution grows as options positioning turns bearish and doubts linger over customers and funding.

Overview

Shares were recently down about 12% to $33.60 and on track for a fifth straight loss, extending a multi-day slide.
Citigroup issued a sell rating with a $37.50 target, citing a potential sale by majority owner Fluor, competitive pressures, extended timelines, and the absence of confirmed customers.
Reports that Fluor has sold or is looking to sell additional NuScale shares have weighed on sentiment, while Starboard disclosed an almost 5% stake in Fluor.
Options metrics point to outsized downside positioning, including a 50-day put/call volume ratio of 3.66 and a SOIR of 1.44, the highest in a year.
Despite the pullback, the stock remains up about 90% in 2025 after hitting a record $57.42 last week, with the company still pre-revenue despite NRC approval and DOE design certification.