Scoggin Management LP Acquires Shares of 500,000 NextDecade Corporation $NEXT

Key Points

• Scoggin Management LP has acquired a new stake in NextDecade Corporation by purchasing 500,000 shares, valued at approximately $3.89 million, which constitutes about 1.1% of its portfolio.
• Several large investors significantly increased their holdings in NextDecade during the 1st quarter of 2023, with MAI Capital Management boosting its stake by 1,047.6%.
• Analysts are optimistic about NextDecade, with Morgan Stanley and TD Cowen issuing positive ratings and price targets, indicating a growing interest in the stock's potential in the clean energy sector.

Scoggin Management LP acquired a new position in NextDecade Corporation (NASDAQ:NEXT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 500,000 shares of the company's stock, valued at approximately $3,890,000. NextDecade comprises approximately 1.1% of Scoggin Management LP's portfolio, making the stock its 21st largest position. Scoggin Management LP owned approximately 0.19% of NextDecade at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. PNC Financial Services Group Inc. grew its stake in shares of NextDecade by 137.2% in the first quarter. PNC Financial Services Group Inc. now owns 3,261 shares of the company's stock worth $25,000 after acquiring an additional 1,886 shares during the last quarter. Comerica Bank grew its stake in shares of NextDecade by 88.0% in the first quarter. Comerica Bank now owns 4,060 shares of the company's stock worth $32,000 after acquiring an additional 1,900 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of NextDecade by 2,302.6% in the first quarter. GAMMA Investing LLC now owns 6,535 shares of the company's stock worth $51,000 after acquiring an additional 6,263 shares during the last quarter. MAI Capital Management grew its stake in shares of NextDecade by 1,047.6% in the first quarter. MAI Capital Management now owns 7,230 shares of the company's stock worth $56,000 after acquiring an additional 6,600 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in shares of NextDecade by 201.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,797 shares of the company's stock worth $60,000 after acquiring an additional 5,212 shares during the last quarter. Institutional investors and hedge funds own 66.74% of the company's stock.

Wall Street Analysts Forecast Growth

NEXT has been the topic of several research analyst reports. Seaport Res Ptn upgraded shares of NextDecade to a "strong-buy" rating in a research note on Friday, July 25th. TD Cowen raised NextDecade from a "hold" rating to a "buy" rating and set a $11.00 target price for the company in a research report on Tuesday, June 24th. Cowen raised NextDecade from a "hold" rating to a "buy" rating in a research report on Tuesday, June 24th. Finally, Morgan Stanley reaffirmed an "overweight" rating and issued a $15.00 target price (up from $10.00) on shares of NextDecade in a research report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. According to data from MarketBeat.com, NextDecade currently has an average rating of "Buy" and an average target price of $13.00.

NextDecade Stock Performance

NEXT stock traded up $0.23 during midday trading on Friday, hitting $10.69. The stock had a trading volume of 2,520,926 shares, compared to its average volume of 2,354,743. The firm has a market capitalization of $2.80 billion, a price-to-earnings ratio of -13.71 and a beta of 1.35. NextDecade Corporation has a 52 week low of $4.27 and a 52 week high of $12.12. The stock has a 50-day simple moving average of $10.47 and a 200 day simple moving average of $8.70. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 2.77.

NextDecade (NASDAQ:NEXT - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported ($0.23) EPS for the quarter, hitting the consensus estimate of ($0.23). As a group, equities research analysts anticipate that NextDecade Corporation will post -0.61 earnings per share for the current year.

About NextDecade

NextDecade Corp. is a development company.