HITE Hedge Asset Management LLC Has $2.72 Million Stock Position in NET Power Inc. (NYSE:NPWR)

HITE Hedge Asset Management LLC boosted its position in NET Power Inc. (NYSE:NPWR) by 2.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 387,624 shares of the company’s stock after acquiring an additional 9,987 shares during the quarter. HITE Hedge Asset Management LLC owned 0.18% of NET Power worth $2,717,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings in NET Power by 65.1% during the 1st quarter. Vanguard Group Inc. now owns 2,424,662 shares of the company’s stock worth $27,617,000 after acquiring an additional 956,134 shares during the period. Bank of New York Mellon Corp acquired a new position in NET Power in the 2nd quarter worth $662,000. Summit Securities Group LLC bought a new position in NET Power in the 2nd quarter worth about $268,000. Rhumbline Advisers acquired a new stake in NET Power during the second quarter valued at approximately $282,000. Finally, SIR Capital Management L.P. acquired a new position in NET Power in the 2nd quarter valued at approximately $971,000. Institutional investors and hedge funds own 53.62% of the company’s stock.

Insider Activity

In other news, major shareholder Npeh, Llc sold 66,825 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $7.88, for a total value of $526,581.00. Following the sale, the insider now directly owns 189,329 shares of the company’s stock, valued at $1,491,912.52. This represents a 26.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder 8 Rivers Capital, Llc sold 517,618 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $7.12, for a total transaction of $3,685,440.16. Following the completion of the sale, the insider now directly owns 199,369 shares of the company’s stock, valued at $1,419,507.28. This represents a 72.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,106,209 shares of company stock valued at $20,113,535. Insiders own 2.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. US Capital Advisors upgraded shares of NET Power to a “strong-buy” rating in a research report on Monday, October 28th. Citigroup lowered their price target on shares of NET Power from $11.00 to $8.00 and set a “neutral” rating for the company in a report on Thursday, September 12th. Finally, Barclays cut their price target on shares of NET Power from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 14th.

NET Power Stock Down 5.2 %

Shares of NYSE:NPWR opened at $12.14 on Tuesday. NET Power Inc. has a 1 year low of $6.57 and a 1 year high of $14.28. The business’s 50-day moving average is $9.37 and its 200 day moving average is $9.23.

NET Power (NYSE:NPWR) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.17. During the same period last year, the firm earned ($0.44) EPS. On average, equities research analysts predict that NET Power Inc. will post -0.4 EPS for the current year.

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.