NextDecade (NASDAQ:NEXT) Shares Gap Down – Here’s Why

Shares of NextDecade Corporation (NASDAQ:NEXT) gapped down before the market opened on Wednesday . The stock had previously closed at $8.74, but opened at $7.32. NextDecade shares last traded at $7.5450, with a volume of 2,217,772 shares changing hands.

Analysts Set New Price Targets

Several brokerages recently weighed in on NEXT. Weiss Ratings restated a “sell (e+)” rating on shares of NextDecade in a report on Monday, December 29th. Capital One Financial began coverage on NextDecade in a report on Friday, February 6th. They set an “overweight” rating and a $7.00 target price for the company. Morgan Stanley dropped their target price on NextDecade from $10.00 to $7.00 and set an “equal weight” rating for the company in a report on Tuesday, February 24th. Finally, TD Cowen dropped their price objective on NextDecade from $7.00 to $6.00 and set a “hold” rating for the company in a report on Thursday, March 5th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $6.67.

NextDecade Trading Down 10.2%

The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 3.70. The firm has a fifty day simple moving average of $6.10 and a two-hundred day simple moving average of $5.95. The firm has a market cap of $2.08 billion, a PE ratio of -6.70 and a beta of 1.69.

NextDecade (NASDAQ:NEXT) last released its quarterly earnings data on Friday, February 27th. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.68) by ($0.20). Equities analysts forecast that NextDecade Corporation will post -0.61 EPS for the current year.

Insiders Place Their Bets

In other NextDecade news, Director Pamela K.M. Beall acquired 71,500 shares of the company’s stock in a transaction on Monday, March 23rd. The stock was acquired at an average price of $7.07 per share, for a total transaction of $505,505.00. Following the acquisition, the director owned 71,500 shares in the company, valued at $505,505. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. US Bancorp DE lifted its stake in shares of NextDecade by 22,782.4% in the 3rd quarter. US Bancorp DE now owns 3,890 shares of the company’s stock valued at $26,000 after purchasing an additional 3,873 shares during the period. Bessemer Group Inc. purchased a new position in shares of NextDecade in the 3rd quarter valued at approximately $29,000. Comerica Bank lifted its stake in shares of NextDecade by 88.0% in the 1st quarter. Comerica Bank now owns 4,060 shares of the company’s stock valued at $32,000 after purchasing an additional 1,900 shares during the period. Raymond James Financial Inc. purchased a new position in shares of NextDecade in the 2nd quarter valued at approximately $36,000. Finally, Federated Hermes Inc. purchased a new position in shares of NextDecade in the 3rd quarter valued at approximately $38,000. Hedge funds and other institutional investors own 66.74% of the company’s stock.

NextDecade Company Profile

NextDecade Corporation is a Houston‐based liquefied natural gas (LNG) and decarbonization company focused on the development, engineering, construction and operation of large‐scale LNG export facilities. The company’s core mission is to deliver cleaner energy solutions to global customers while integrating carbon capture and sequestration technologies to reduce greenhouse gas emissions. NextDecade’s projects are designed to leverage abundant U.S. natural gas supplies to meet growing worldwide demand for low‐carbon fuel.

NextDecade’s flagship project, Rio Grande LNG, is located at the Port of Brownsville in southern Texas.