NextNRG (NASDAQ:NXXT) Issues Quarterly Earnings Results

NextNRG (NASDAQ:NXXT) issued its earnings results on Friday. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.07), Zacks reports.

NextNRG Stock Up 4.5%

NextNRG stock traded up $0.09 during mid-day trading on Friday, reaching $2.10. The company had a trading volume of 3,190,481 shares, compared to its average volume of 500,622. The firm has a market cap of $263.70 million, a price-to-earnings ratio of -0.55 and a beta of -0.57. The company has a 50 day moving average of $1.97 and a 200-day moving average of $2.23. NextNRG has a 52 week low of $0.93 and a 52 week high of $4.34.

Wall Street Analyst Weigh In

Several analysts have recently commented on NXXT shares. Zacks Research upgraded shares of NextNRG to a “hold” rating in a research note on Wednesday, September 3rd. HC Wainwright started coverage on NextNRG in a research note on Tuesday, September 2nd. They issued a “buy” rating and a $5.00 price target on the stock. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of NextNRG in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, NextNRG currently has an average rating of “Moderate Buy” and an average target price of $5.50.

Insider Buying and Selling

In other NextNRG news, Director Sean Matthew Oppen acquired 25,000 shares of NextNRG stock in a transaction on Monday, September 22nd. The shares were bought at an average price of $1.66 per share, with a total value of $41,500.00. Following the completion of the purchase, the director owned 263,976 shares in the company, valued at $438,200.16. This trade represents a 10.46% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Michael D. Farkas bought 1,000,000 shares of NextNRG stock in a transaction dated Thursday, September 18th. The stock was acquired at an average cost of $1.67 per share, for a total transaction of $1,670,000.00. Following the purchase, the chief executive officer directly owned 75,254,300 shares in the company, valued at approximately $125,674,681. The trade was a 1.35% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought 1,035,000 shares of company stock worth $1,729,700 in the last quarter. 81.67% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of NXXT. Vanguard Group Inc. raised its holdings in NextNRG by 131.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,049,265 shares of the company’s stock valued at $1,920,000 after acquiring an additional 595,448 shares during the period. Geode Capital Management LLC grew its position in shares of NextNRG by 2,274.3% in the 2nd quarter. Geode Capital Management LLC now owns 314,454 shares of the company’s stock worth $871,000 after buying an additional 301,210 shares during the period. Virtu Financial LLC bought a new position in NextNRG during the 3rd quarter valued at approximately $139,000. New York State Common Retirement Fund bought a new position in shares of NextNRG in the second quarter worth approximately $103,000. Finally, Goldman Sachs Group Inc. purchased a new position in shares of NextNRG during the first quarter valued at approximately $96,000. Institutional investors own 10.56% of the company’s stock.

About NextNRG

NextNRG, Inc engages in the provision of fuel delivery services. It provides app-based interface customers with the ability to select the time and location of their fueling. It offers diesel, red diesel, and REC-90. The company was founded by Yehuda Levy and Michael D. Farkas on March 28, 2019 and is headquartered in Miami, FL.