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

NextDecade Corporation (NASDAQ:NEXT) shares 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.

Wall Street Analysts Forecast Growth

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

NextDecade Price Performance

The company has a market cap of $1.92 billion, a PE ratio of -6.25 and a beta of 1.69. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 3.70. The firm has a 50 day simple moving average of $6.19 and a 200-day simple moving average of $5.97.

NextDecade (NASDAQ:NEXT) last released its quarterly earnings results on Friday, February 27th. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.20). As a group, research analysts predict that NextDecade Corporation will post -0.61 earnings per share for the current fiscal year.

Insider Activity

In other NextDecade news, Director Pamela K.M. Beall acquired 71,500 shares of the firm’s stock in a transaction dated Monday, March 23rd. The stock was purchased 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 approximately $505,505. This trade represents a ? increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On NextDecade

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. US Bancorp DE grew its stake in shares of NextDecade by 22,782.4% during the third quarter. US Bancorp DE now owns 3,890 shares of the company’s stock worth $26,000 after acquiring an additional 3,873 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of NextDecade in the 2nd quarter valued at approximately $36,000. Comerica Bank raised its position 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 last quarter. Bessemer Group Inc. acquired a new stake in NextDecade in the 3rd quarter worth approximately $29,000. Finally, Federated Hermes Inc. acquired a new stake in NextDecade in the 3rd quarter worth approximately $38,000. 66.74% of the stock is currently owned by hedge funds and other institutional investors.

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.