NET Power (NYSE:NPWR) Shares Down 7.2% – Here’s What Happened

NET Power Inc. (NYSE:NPWR)’s stock price was down 7.2% on Monday . The company traded as low as $2.49 and last traded at $2.50. Approximately 254,330 shares were traded during trading, a decline of 58% from the average daily volume of 608,752 shares. The stock had previously closed at $2.69.

Analyst Ratings Changes

Several research firms have commented on NPWR. Barclays reduced their price objective on NET Power from $11.00 to $3.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 12th. Citigroup upgraded NET Power from a “neutral” rating to a “buy” rating and cut their price target for the stock from $14.00 to $6.00 in a research note on Tuesday, March 11th.

NET Power Price Performance

The firm has a market capitalization of $541.89 million, a price-to-earnings ratio of -3.72 and a beta of 0.07. The business’s 50 day moving average price is $6.27 and its 200-day moving average price is $8.38.

Hedge Funds Weigh In On NET Power

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of NET Power by 13.1% in the fourth quarter. Vanguard Group Inc. now owns 2,865,402 shares of the company’s stock valued at $30,345,000 after buying an additional 332,554 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of NET Power by 930.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 141,958 shares of the company’s stock worth $1,505,000 after purchasing an additional 128,187 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of NET Power during the 4th quarter worth $1,264,000. Geode Capital Management LLC increased its holdings in shares of NET Power by 21.7% in the 3rd quarter. Geode Capital Management LLC now owns 646,584 shares of the company’s stock valued at $4,535,000 after purchasing an additional 115,189 shares in the last quarter. Finally, Man Group plc acquired a new stake in shares of NET Power in the fourth quarter valued at about $1,066,000. Institutional investors and hedge funds own 53.62% of the company’s stock.

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.