Why NuScale Power Stock Blasted 445% Higher in 2024

At the end of 2023, it was readily apparent that bears had been a lot more energized with clicking the sell button on NuScale Power (NYSE: SMR) stock than bulls were interested in energizing their portfolios with it: Shares plunged 68% in 2023. But in 2024, the market took note of NuScale Power's potential as a nuclear power solution for data centers struggling to keep up with the extraordinary power demands that artificial intelligence (AI) computing placed on them.According to data from S&P Global Market Intelligence, NuScale Power stock skyrocketed 445% in 2024.Beginning 2024 on an inauspicious note, shares of NuScale Power fell 5.8% from the start of the year through February. But then March roared in like a lion, and shares began to reverse their slide. On March 14, for example, NuScale Power reported fourth-quarter 2023 financial results after hours, including news that it had begun manufacturing its NuScale Power Modules. The following day, shares soared more than 8%. The real catalyst for the stock's 54% rise in March, however, came on March 18, when Canaccord Genuity analysts upped their price target on NuScale stock to $8 from $4.25.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool