NuScale Power Corp (NYSE:SMR) shares are trading lower Thursday morning. The decline comes as investors face a looming legal deadline and prepare for upcoming financial results.

• NuScale Power stock is showing downward bias. Where are SMR shares going?

Class Action Deadline Approaches

A primary headwind for the stock is the Monday plaintiff deadline. The suit alleges NuScale made misleading statements regarding its partner, ENTRA1 Energy.

Specifically, the complaint alleges that ENTRA1 had never built, financed, or operated any significant nuclear projects.

NuScale Power did not immediately respond to Benzinga's request for comment.

High Short Interest Remains

Market data shows bearish bets against the nuclear technology firm. Short interest recently shifted from 53.78 million to 53.54 million shares.

This represents 31.41% of the company’s public float. Given the average daily volume of 19.59 million shares, it would take shorts 2.73 days to cover their positions.

Earnings Expectations

The company will report first-quarter earnings on May 7. Analysts expect a loss of 13 cents per share. Projected quarterly revenue stands at $5.57 million.

Industry Context

While competitors like Oklo Inc (NYSE:OKLO) and Eagle Nuclear Energy Corp (NYSE:NUCL) rose on White House space nuclear initiatives, SMR has struggled to maintain momentum.

Technical Analysis

NuScale is still sitting in the lower end of its 52-week range after a steep drawdown from the October peak. The stock is trading 6.7% above its 20-day simple moving average (SMA) but 27.2% below its 100-day SMA. Over the past 12 months, the stock has been down 21.79%.

• Key Resistance: $12.50
• Key Support: $11

SMR Stock Price Activity: NuScale Power shares were down 0.47% at $11.66 at the time of publication on Thursday, according to Benzinga Pro data.

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