NET Power (NYSE:NPWR) Issues Earnings Results, Beats Expectations By $6.00 EPS

NET Power (NYSE:NPWR) announced its quarterly earnings results on Thursday. The company reported $5.84 earnings per share for the quarter, beating the consensus estimate of ($0.16) by $6.00, Zacks reports.

NET Power Stock Down 4.6%

Shares of NPWR stock traded down $0.14 during trading hours on Friday, hitting $2.82. 2,533,790 shares of the company’s stock traded hands, compared to its average volume of 1,463,327. The stock’s fifty day simple moving average is $3.26 and its two-hundred day simple moving average is $2.71. NET Power has a 12-month low of $1.48 and a 12-month high of $14.12. The stock has a market cap of $617.10 million, a price-to-earnings ratio of -1.19 and a beta of 0.78.

Insiders Place Their Bets

In related news, major shareholder Cynda Beauchamp sold 18,116 shares of the company’s stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $4.05, for a total value of $73,369.80. Following the transaction, the insider directly owned 1,847,130 shares of the company’s stock, valued at approximately $7,480,876.50. This represents a 0.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder 8 Rivers Capital, Llc sold 8,477 shares of the stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $4.00, for a total value of $33,908.00. Following the sale, the insider owned 1,838,653 shares in the company, valued at approximately $7,354,612. This represents a 0.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 2,179,463 shares of company stock worth $8,639,384. Insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Brooklyn Investment Group grew its stake in shares of NET Power by 2,113.1% in the third quarter. Brooklyn Investment Group now owns 27,000 shares of the company’s stock worth $81,000 after acquiring an additional 25,780 shares during the period. Two Sigma Investments LP boosted its holdings in NET Power by 36.7% in the third quarter. Two Sigma Investments LP now owns 821,793 shares of the company’s stock worth $2,474,000 after purchasing an additional 220,831 shares during the last quarter. Legacy Advisors LLC bought a new stake in NET Power in the 3rd quarter worth approximately $49,000. UBS Group AG raised its stake in NET Power by 183.1% during the 3rd quarter. UBS Group AG now owns 430,452 shares of the company’s stock valued at $1,296,000 after buying an additional 278,400 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new stake in NET Power during the 3rd quarter valued at $39,000. Hedge funds and other institutional investors own 53.62% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on NPWR shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NET Power in a research note on Wednesday, October 8th. Barclays raised NET Power from an “underweight” rating to an “equal weight” rating in a research report on Friday. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, NET Power presently has a consensus rating of “Hold” and an average target price of $4.00.

NET Power Company Profile

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.