NET Power (NYSE:NPWR) Stock Price Down 11.5% – Here’s What Happened

NET Power Inc. (NYSE:NPWR) traded down 11.5% on Thursday . The stock traded as low as $2.83 and last traded at $2.9020. 433,631 shares changed hands during trading, a decline of 70% from the average session volume of 1,449,553 shares. The stock had previously closed at $3.28.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of NET Power in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $4.00.

NET Power Stock Performance

The company has a fifty day simple moving average of $3.25 and a two-hundred day simple moving average of $2.71. The company has a market capitalization of $641.22 million, a price-to-earnings ratio of -1.24 and a beta of 0.78.

NET Power (NYSE:NPWR) last posted its quarterly earnings data on Monday, August 11th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.24). As a group, analysts expect that NET Power Inc. will post -0.4 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder 8 Rivers Capital, Llc sold 786,832 shares of the business’s stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $4.12, for a total transaction of $3,241,747.84. Following the completion of the sale, the insider directly owned 1,973,000 shares of the company’s stock, valued at $8,128,760. The trade was a 28.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 2,179,463 shares of company stock worth $8,639,384 over the last quarter. Company insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On NET Power

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Quantbot Technologies LP purchased a new position in NET Power in the 3rd quarter worth approximately $39,000. CenterBook Partners LP lifted its position in shares of NET Power by 78.8% during the third quarter. CenterBook Partners LP now owns 1,248,348 shares of the company’s stock worth $3,758,000 after purchasing an additional 550,270 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of NET Power by 1,226.9% in the third quarter. JPMorgan Chase & Co. now owns 212,929 shares of the company’s stock valued at $641,000 after purchasing an additional 196,882 shares during the period. Stonegate Investment Group LLC grew its holdings in NET Power by 20.0% during the 3rd quarter. Stonegate Investment Group LLC now owns 30,000 shares of the company’s stock valued at $90,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Argentarii LLC increased its stake in NET Power by 91.8% during the 3rd quarter. Argentarii LLC now owns 51,365 shares of the company’s stock worth $155,000 after buying an additional 24,580 shares during the period. 53.62% of the stock is owned by institutional investors and hedge funds.

About NET Power

NET Power Inc operates as a clean energy technology company. The company invents, develops, and licenses clean power generation technology. NET Power Inc was founded in 2010 and is headquartered in Durham, North Carolina.