NET Power Inc. (NYSE:NPWR – Get Free Report)’s share price dropped 7.3% during mid-day trading on Thursday following insider selling activity. The company traded as low as $2.18 and last traded at $2.2350. Approximately 407,750 shares traded hands during trading, a decline of 49% from the average daily volume of 801,070 shares. The stock had previously closed at $2.41.
Specifically, major shareholder 8 Rivers Capital, Llc sold 35,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $2.43, for a total value of $85,050.00. Following the completion of the transaction, the insider owned 2,965,000 shares of the company’s stock, valued at $7,204,950. The trade was a 1.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder 8 Rivers Capital, Llc sold 400,000 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $2.44, for a total transaction of $976,000.00. Following the completion of the transaction, the insider directly owned 3,000,000 shares in the company, valued at $7,320,000. The trade was a 11.76% decrease in their position. The disclosure for this sale is available in the SEC filing.
Analyst Upgrades and Downgrades
A number of analysts have recently issued reports on the stock. Wall Street Zen downgraded shares of NET Power from a “sell” rating to a “strong sell” rating in a report on Saturday. Weiss Ratings raised NET Power from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, NET Power currently has a consensus rating of “Hold” and an average target price of $3.50.
NET Power Trading Down 3.8%
The stock has a market capitalization of $479.14 million, a P/E ratio of -0.36 and a beta of 1.03. The stock’s fifty day moving average price is $1.78 and its two-hundred day moving average price is $2.31.
NET Power (NYSE:NPWR – Get Free Report) last issued its earnings results on Monday, May 11th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.05).
Institutional Inflows and Outflows
Several large investors have recently modified their holdings of NPWR. Geode Capital Management LLC lifted its stake in shares of NET Power by 21.4% in the 2nd quarter. Geode Capital Management LLC now owns 841,060 shares of the company’s stock valued at $2,078,000 after acquiring an additional 148,307 shares during the last quarter. JPMorgan Chase & Co. increased its stake in NET Power by 48.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 16,047 shares of the company’s stock worth $40,000 after purchasing an additional 5,255 shares during the period. Invesco Ltd. bought a new stake in NET Power in the second quarter valued at approximately $25,000. Federated Hermes Inc. bought a new stake in NET Power in the second quarter valued at approximately $151,000. Finally, Sei Investments Co. purchased a new stake in shares of NET Power during the second quarter valued at approximately $32,000. Hedge funds and other institutional investors own 53.62% of the company’s stock.
NET Power Company Profile
NET Power, Inc is an energy technology company focused on developing and commercializing power generation plants that burn natural gas and other fuels with near-zero carbon emissions. The company’s core innovation is the proprietary Allam-Fetvedt Cycle, a supercritical carbon dioxide power cycle that captures all carbon dioxide produced during combustion without the need for separate carbon capture systems. By integrating gas combustion, heat exchange and carbon dioxide separation into a single closed-loop process, NET Power aims to deliver baseload power with efficiencies and emissions profiles competitive with conventional and renewable generation sources.
Since demonstrating its first full-scale Allam-Cycle facility in La Porte, Texas, NET Power has moved from pilot operation toward commercial deployment.
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