Key Points
- 8 Rivers Capital, LLC, NET Power’s major shareholder, sold 400,000 shares at an average price of $2.44, worth about $976,000. After the sale, it still held 3 million shares, representing an 11.76% reduction in its stake.
- The shareholder also made several additional sales in recent months, including another 35,000 shares the next day and multiple February and March transactions, indicating a pattern of continued insider selling.
- NET Power stock was trading down 8.1% to $2.22 and recently reported a quarterly loss of $0.12 per share, which was worse than analysts’ expectations. The stock currently carries a Hold consensus rating with an average price target of $3.50.
NET Power Inc. (NYSE:NPWR - Get Free Report) major shareholder 8 Rivers Capital, Llc sold 35,000 shares of the company's stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $2.43, for a total transaction of $85,050.00. Following the completion of the transaction, the insider owned 2,965,000 shares in the company, valued at approximately $7,204,950. This represents a 1.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Large shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.
8 Rivers Capital, Llc also recently made the following trade(s):
- On Tuesday, May 12th, 8 Rivers Capital, Llc sold 400,000 shares of NET Power stock. The stock was sold at an average price of $2.44, for a total transaction of $976,000.00.
- On Tuesday, March 3rd, 8 Rivers Capital, Llc sold 100,000 shares of NET Power stock. The stock was sold at an average price of $2.04, for a total transaction of $204,000.00.
- On Monday, March 2nd, 8 Rivers Capital, Llc sold 79,858 shares of NET Power stock. The stock was sold at an average price of $2.05, for a total transaction of $163,708.90.
- On Friday, February 27th, 8 Rivers Capital, Llc sold 4,744 shares of NET Power stock. The stock was sold at an average price of $2.00, for a total transaction of $9,488.00.
- On Thursday, February 26th, 8 Rivers Capital, Llc sold 1,881 shares of NET Power stock. The stock was sold at an average price of $2.00, for a total transaction of $3,762.00.
- On Friday, February 20th, 8 Rivers Capital, Llc sold 63,517 shares of NET Power stock. The stock was sold at an average price of $2.03, for a total transaction of $128,939.51.
- On Thursday, February 19th, 8 Rivers Capital, Llc sold 125,000 shares of NET Power stock. The stock was sold at an average price of $2.14, for a total transaction of $267,500.00.
- On Wednesday, February 18th, 8 Rivers Capital, Llc sold 75,000 shares of NET Power stock. The stock was sold at an average price of $2.07, for a total transaction of $155,250.00.
- On Friday, February 13th, 8 Rivers Capital, Llc sold 100,000 shares of NET Power stock. The stock was sold at an average price of $2.14, for a total transaction of $214,000.00.
NET Power Stock Down 8.1%
NET Power stock opened at $2.22 on Friday. The firm has a market cap of $497.09 million, a PE ratio of -0.38 and a beta of 1.03. NET Power Inc. has a 52-week low of $1.46 and a 52-week high of $5.20. The company's 50 day moving average is $1.78 and its two-hundred day moving average is $2.31.
NET Power (NYSE:NPWR - Get Free Report) last released its earnings results on Monday, May 11th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.05).
Institutional Investors Weigh In On NET Power
A number of large investors have recently modified their holdings of NPWR. Invesco Ltd. purchased a new stake in shares of NET Power in the 2nd quarter valued at approximately $25,000. Schonfeld Strategic Advisors LLC purchased a new stake in shares of NET Power in the 4th quarter valued at approximately $25,000. Summit Securities Group LLC purchased a new stake in shares of NET Power in the 1st quarter valued at approximately $30,000. Sei Investments Co. purchased a new stake in shares of NET Power in the 2nd quarter valued at approximately $32,000. Finally, Quantbot Technologies LP purchased a new stake in shares of NET Power in the 3rd quarter valued at approximately $39,000. 53.62% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Separately, Weiss Ratings upgraded shares of NET Power from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, NET Power presently has a consensus rating of "Hold" and an average price target of $3.50.
View Our Latest Analysis on NPWR
About NET Power
(
Get Free Report)
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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