NET Power (NYSE:NPWR) Stock Price Down 14.4% After Earnings Miss

NET Power Inc. (NYSE:NPWR)’s share price was down 14.4% on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $2.40 and last traded at $2.47. Approximately 437,704 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 1,362,720 shares. The stock had previously closed at $2.88.

The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.24).

Wall Street Analyst Weigh In

Separately, Barclays downgraded NET Power from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $3.00 to $2.00 in a research note on Wednesday, April 23rd.

Institutional Trading of NET Power

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of NET Power by 13.1% during the 4th quarter. Vanguard Group Inc. now owns 2,865,402 shares of the company’s stock valued at $30,345,000 after acquiring an additional 332,554 shares during the period. CenterBook Partners LP lifted its position in shares of NET Power by 1,655.5% during the 1st quarter. CenterBook Partners LP now owns 1,744,770 shares of the company’s stock valued at $4,589,000 after acquiring an additional 1,645,380 shares during the period. Bank of America Corp DE lifted its position in shares of NET Power by 42.8% during the 4th quarter. Bank of America Corp DE now owns 23,263 shares of the company’s stock valued at $246,000 after acquiring an additional 6,975 shares during the period. Geode Capital Management LLC lifted its position in shares of NET Power by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 658,563 shares of the company’s stock valued at $6,976,000 after acquiring an additional 11,979 shares during the period. Finally, Northern Trust Corp lifted its position in shares of NET Power by 11.5% during the 4th quarter. Northern Trust Corp now owns 219,511 shares of the company’s stock valued at $2,325,000 after acquiring an additional 22,604 shares during the period. 53.62% of the stock is currently owned by institutional investors.

NET Power Trading Down 0.4%

The business has a 50-day moving average price of $2.71 and a two-hundred day moving average price of $3.55. The stock has a market capitalization of $628.51 million, a P/E ratio of -1.22 and a beta of 0.72.

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.