NuScale Power Sinks 7% to New 52-Week Low as Barclays Cuts to Underweight; Oklo Falls 5%, Centrus Energy Drops 3%

A fresh analyst downgrade is hitting one small modular reactor developer much harder than the rest of the nuclear group. NuScale Power (NYSE:SMR) stock is down 7% to $5.26 in morning trading, setting a new 52-week low. Selling pressure follows a bearish call that adds to doubts about when the company lands its first binding reactor order.

Meanwhile, Oklo (NYSE:OKLO | OKLO Price Prediction) stock is down 5% to $25.99, a smaller drop than the one in NuScale Power stock. Centrus Energy (NYSEAMERICAN:LEU) stock is down 3% to $106.28, lighter still than the slide in Oklo stock.

Fund-level trading points the selloff back at NuScale Power. The Global X Uranium ETF (NYSEARCA:URA) is down by only 1.46% to $34.74. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is down 0.2% to $764.77, so the wider market isn’t collapsing this morning.

Downgrade Deepens a Run of Cautious Calls

Barclays downgraded NuScale Power stock from Equal Weight to Underweight and sharply cut its price target on the shares to a level below their last close. A target under the current quote implies the analyst sees more downside ahead, and NuScale Power shares are falling harder than nuclear peers in response.

The downgrade adds to a run of cautious analyst calls on the small modular reactor developer, which has yet to land a binding customer order. In September, UBS cut NuScale Power stock to Sell over long commercialization timelines, weak customer commitments and heavy expected cash burn. Both calls highlight the same gap, since NuScale Power still generates little commercial revenue while its reactor design awaits a firm order.

Three Different Paths to Nuclear Revenue

NuScale Power licenses and sells small modular reactor designs and modules, so its revenue depends on customers committing to build plants. Its key asset is the only U.S. Nuclear Regulatory Commission design certification in the small modular reactor industry. That credential is a real edge, though it hasn’t yet produced the signed buyer the model needs.

Oklo plans to build, own and operate reactors and sell the power they produce. Centrus Energy already earns revenue selling enriched uranium fuel, giving it an established operating business. By comparison, NuScale Power’s model leans harder on landing a signed reactor sale.

Weighing the Bull and Bear Cases

NuScale Power’s bullish argument rests on its regulatory head start and its link to a large U.S. program. ENTRA1 Energy, the company’s exclusive global strategic partner, is advancing discussions with the Tennessee Valley Authority toward a definitive power purchase agreement for potentially the largest nuclear power deployment program in U.S. history. That program is a major potential source of the binding order NuScale Power still lacks, and it’s part of the broader restart trade we mapped across utilities and fuel suppliers in a free nuclear guide.

On the bearish side, time and money are the problem. A pre-commercial reactor developer can spend heavily for years before revenue arrives, and NuScale Power stock has already fallen to a new low during that wait. Until a firm order exists, the bearish case keeps its holds.

A Binding Contract Is the Next Test

NuScale Power’s next challenge is whether it signs a binding customer contract. Such an order is the missing piece behind the timeline concerns in the recent downgrades. TVA program updates and upcoming earnings are the catalysts to watch.

Until then, SMR shareholders may want to keep their positions small and lean cautious, since a fresh low and a below-market target leave room for more downside. Traders can also watch whether Oklo and Centrus Energy shares keep falling less than NuScale Power stock.

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