Two of the nuclear sector’s most closely watched small-cap names have shed roughly 60% of their value in 2026, setting the stage for a critical week of earnings reports.
Oklo Inc. (NYSE: OKLO) has fallen more than 62% year-to-date, while NuScale Power Corp. (NYSE: SMR) has lost approximately 60%, leaving both stocks deeply underwater heading into the final stretch of the year.
B. Riley moved to cut price targets on both companies Wednesday, reflecting what it described as a broad valuation reset across its nuclear and uranium coverage universe.
The firm slashed Oklo’s target to $61 from $92 and trimmed NuScale’s to $10 from $15, though it maintained ‘Buy’ ratings on both stocks and sees meaningful recovery potential.
At $61, the revised Oklo target still implies upside of around 125% from the stock’s last close, while the $10 NuScale target carries an implied gain of 76%.
The analyst attributed the sector’s pain to the “de-risking of high-beta names” and elevated interest rates putting pressure on long-duration growth stories across the board.
B. Riley’s nuclear and uranium coverage basket has dropped 43% on average since the Russell 2000 reached its high on Aug. 14, a decline that has weighed heavily on both stocks.
Despite the carnage, the firm flagged that it sees attractive valuations and “oversold names” for investors whose thesis is not dependent on the AI infrastructure buildout.
Broader consensus targets tracked by Koyfin are even more optimistic, placing Oklo’s 12-month average price target at $66.80 — implying upside exceeding 146% — and NuScale’s at $11.07, which would represent a gain of more than 95%.
Retail investors appear less convinced, with Stocktwits showing sentiment for OKLO as ‘bearish’ and sentiment for SMR as ‘neutral’ at the time of writing.
Both stocks were down more than 2% in overnight trading late Wednesday, though each remains on pace to reverse four consecutive weeks of losses, with SMR leading the partial recovery at more than 5% for the week against Oklo’s roughly 3% gain.
The earnings calendar will provide the next major catalyst, with NuScale set to report third-quarter results on Nov. 5 after market close and Oklo following on Nov. 6 before the opening bell.
Analysts estimate Oklo will post quarterly revenue of approximately $99,000 alongside a loss per share of $0.21, while NuScale is expected to generate $3.84 million in revenue with a loss per share of $0.13.
