We recently published a list of 11 Firms Under Tech, Energy, Aviation Lead Friday Rally. In this article, we are going to take a look at where NuScale Power Corporation (NYSE:SMR) stands against other firms under tech, energy, and aviation, which led Friday’s rally.
Wall Street’s main indices finished in the green territory on Friday amid a series of catalysts buoying investor appetite.
The Dow Jones Industrial Average rose by 0.80 percent, while the S&P 500 and Nasdaq Composite rallied by 1.26 percent and 1.77 percent, respectively.
Eleven companies—predominantly in the technology, energy, and aviation sectors—posted notable gains. Here is why:
To come up with Friday’s top advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A Nuclear power plant with all its safety & security protocols in place.
NuScale Power Corporation (NYSE:SMR)
Shares of NuScale Power Corporation (NYSE:SMR) rallied by 17.73 percent on Friday, adding 3.14 points to finish at $20.85 each following news that the company raised $227.7 million from the sale of warrants.
In addition, the company, alongside other energy firms, rose following the Department of Treasury and Internal Revenue Service’s revised rules for hydrogen production tax credits that address several key issues to help grow the industry and move projects forward.
The final rules clarify how producers of hydrogen, including those using electricity from various sources, natural gas with carbon capture, renewable natural gas (RNG), and coal mine methane can determine eligibility for the credit. To qualify for the full credit, projects must also meet prevailing wage and apprenticeship standards, continuing the Biden-Harris Administration’s commitment to putting workers at the center of the clean energy economy and ensuring clean energy jobs are good-paying jobs.
Overall, SMR ranks 6th on our list of firms under tech, energy, and aviation, which led Friday’s rally. While we acknowledge the potential of SMR as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SMR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.