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

NextDecade Corporation (NASDAQ:NEXT) gapped down before the market opened on Wednesday . The stock had previously closed at $7.66, but opened at $7.33. NextDecade shares last traded at $7.2430, with a volume of 757,302 shares changing hands.

Wall Street Analysts Forecast Growth

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

NextDecade Stock Down 5.7%

The firm has a 50 day moving average price of $5.81 and a two-hundred day moving average price of $5.90. The firm has a market capitalization of $1.91 billion, a price-to-earnings ratio of -6.18 and a beta of 2.02. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 3.70.

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). On average, equities analysts expect that NextDecade Corporation will post -0.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Pamela K.M. Beall acquired 71,500 shares of the stock in a transaction that occurred on Monday, March 23rd. The stock was purchased at an average cost of $7.07 per share, with a total value of $505,505.00. Following the completion of the acquisition, the director directly owned 71,500 shares in the company, valued at $505,505. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of NEXT. US Bancorp DE lifted its position in shares of NextDecade by 22,782.4% in the third quarter. US Bancorp DE now owns 3,890 shares of the company’s stock worth $26,000 after purchasing an additional 3,873 shares in the last quarter. Bessemer Group Inc. acquired a new stake in shares of NextDecade during the 3rd quarter worth $29,000. Comerica Bank increased its holdings in NextDecade by 88.0% in the first 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. acquired a new stake in shares of NextDecade during the second quarter worth $36,000. Finally, Federated Hermes Inc. bought a new stake in NextDecade in the third quarter valued at $38,000. 66.74% of the stock is owned by institutional investors and hedge funds.

About NextDecade

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.