Stock market today: Stocks fall as investors rotate out of tech into Jackson Hole
Rosser Kelly, the Chief Accounting Officer at NET Power Inc. (NYSE:NPWR), recently reported several transactions involving the company’s stock. The transactions come as the company’s shares trade near their 52-week low of $2.02, having declined over 80% in the past year. According to InvestingPro analysis, the stock appears undervalued at current levels. On April 2, 2025, Kelly acquired 39,252 restricted stock units, which will vest in three equal installments annually, starting from April 2, 2025, contingent upon continued employment. These units were acquired at no cost.
The following day, on April 3, 2025, Kelly sold 1,127 shares of Class A Common Stock at a price of $2.2458 per share, totaling $2,531. This sale was conducted to cover tax obligations related to the vesting of 3,658 restricted stock units. Following these transactions, Kelly holds 2,531 shares of NET Power’s Class A Common Stock.
In other recent news, NET Power Inc. reported a wider-than-expected fourth-quarter loss, with an adjusted loss of $0.67 per share, significantly missing analyst estimates of a $0.12 per share loss. The company completed the Front-End Engineering and Design for Project Permian, its first utility-scale plant, but found cost estimates significantly higher than anticipated, prompting a pause on long-lead equipment orders and the initiation of a cost optimization process. Additionally, Texas Capital Securities maintained a Buy rating on NET Power with a $24 price target after the earnings release, highlighting both achievements and setbacks. The initial cost estimate for Project Permian has increased to between $1.7 billion and $2.0 billion, delaying the operational date to 2029. Citi analyst Ryan Levine upgraded NET Power’s stock rating from Neutral to Buy, while reducing the price target to $6.00, citing downside protection and strategic partnerships as key factors. In a strategic corporate update, NET Power announced it has switched its certifying accountant to KPMG LLP for the upcoming fiscal year, replacing Grant Thornton LLP. The change, reported in a Form 8-K filed with the SEC, was made without any disagreements on accounting principles or practices. NET Power ended 2024 with $533 million in cash and investments, down from $580 million in the previous quarter, with expenditures including $13 million on operations and $29 million on capital expenditures.
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