Kensico Capital Management Corp Reduces Position in NET Power Inc. $NPWR

Key Points

• Kensico Capital Management Corp significantly reduced its stake in NET Power Inc. by 77.8%, owning only 500,800 shares after selling 1,759,900 shares in the first quarter.
• Adage Capital Partners GP L.L.C. increased its holdings in NET Power by 481%, now owning 2,440,000 shares valued at $6,417,000, while other funds also made new acquisitions during the same period.
• NET Power's earnings report indicated a loss of ($0.36) per share, missing estimates of ($0.12), and analysts forecast a full-year EPS of -0.4.

Kensico Capital Management Corp cut its holdings in shares of NET Power Inc. (NYSE:NPWR - Free Report) by 77.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 500,800 shares of the company's stock after selling 1,759,900 shares during the quarter. NET Power comprises 0.1% of Kensico Capital Management Corp's investment portfolio, making the stock its 23rd biggest position. Kensico Capital Management Corp owned about 0.23% of NET Power worth $4,593,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of NPWR. Deutsche Bank AG boosted its position in NET Power by 63.0% during the first quarter. Deutsche Bank AG now owns 14,051 shares of the company's stock worth $37,000 after acquiring an additional 5,429 shares during the last quarter. Legacy Advisors LLC acquired a new position in NET Power during the first quarter worth about $43,000. EntryPoint Capital LLC acquired a new position in NET Power during the first quarter worth about $126,000. Nuveen LLC purchased a new position in NET Power during the first quarter worth about $136,000. Finally, Mariner LLC purchased a new position in NET Power during the fourth quarter worth about $139,000. 53.62% of the stock is currently owned by institutional investors and hedge funds.

NET Power Trading Up 1.6%

NPWR stock traded up $0.04 during trading on Wednesday, reaching $2.18. 379,070 shares of the stock were exchanged, compared to its average volume of 1,327,404. The business has a 50 day moving average price of $2.71 and a 200-day moving average price of $2.75. NET Power Inc. has a 1 year low of $1.48 and a 1 year high of $14.28. The firm has a market capitalization of $476.81 million, a price-to-earnings ratio of -0.92 and a beta of 0.71.

NET Power (NYSE:NPWR - Get Free Report) last issued its earnings results on Monday, August 11th. The company reported ($0.36) EPS for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.24). On average, research analysts anticipate that NET Power Inc. will post -0.4 EPS for the current year.

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.