NET Power (NYSE:NPWR) Shares Down 5.8% – Here’s Why

NET Power Inc. (NYSE:NPWR)’s share price dropped 5.8% during trading on Tuesday . The company traded as low as $3.05 and last traded at $3.04. Approximately 115,365 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 584,308 shares. The stock had previously closed at $3.23.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on NPWR shares. Citigroup upgraded shares of NET Power from a “neutral” rating to a “buy” rating and cut their price objective for the company from $14.00 to $6.00 in a report on Tuesday, March 11th. Barclays cut their price objective on shares of NET Power from $11.00 to $3.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 12th.

NET Power Price Performance

The company has a 50-day simple moving average of $7.73 and a 200 day simple moving average of $8.75.

Institutional Investors Weigh In On NET Power

Several hedge funds have recently bought and sold shares of NPWR. Covestor Ltd purchased a new stake in NET Power in the 4th quarter worth approximately $43,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of NET Power during the 3rd quarter worth approximately $82,000. MetLife Investment Management LLC raised its stake in shares of NET Power by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 12,922 shares of the company’s stock worth $91,000 after buying an additional 7,281 shares during the period. Janney Montgomery Scott LLC acquired a new position in shares of NET Power during the 4th quarter worth approximately $108,000. Finally, National Bank of Canada FI raised its stake in shares of NET Power by 2,727.0% during the 4th quarter. National Bank of Canada FI now owns 11,930 shares of the company’s stock worth $126,000 after buying an additional 11,508 shares during the period. Hedge funds and other institutional investors own 53.62% of the company’s stock.

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.