Insider Buying: NextNRG (NASDAQ:NXXT) CEO Buys 1,000,000 Shares of Stock

Key Points

• NextNRG CEO Michael Farkas purchased 1,000,000 shares of the company's stock at an average price of $1.67 per share, increasing his total ownership to 75,254,300 shares valued at approximately $125.67 million.
• NextNRG's stock is currently trading down 4.0% at $1.70, with a market capitalization of $213.47 million and a price-to-earnings ratio of -0.25.
• Analysts have assigned a range of ratings for NextNRG, with a consensus target price of $5.50, reflecting bullish sentiment toward the stock's potential.

NextNRG Inc. (NASDAQ:NXXT - Get Free Report) CEO Michael D. Farkas purchased 1,000,000 shares of the stock in a transaction that occurred on Thursday, September 18th. The shares were acquired at an average cost of $1.67 per share, with a total value of $1,670,000.00. Following the completion of the transaction, the chief executive officer owned 75,254,300 shares in the company, valued at $125,674,681. This trade represents a 1.35% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

NextNRG Stock Up 1.2%

NASDAQ NXXT traded up $0.02 during trading hours on Monday, reaching $1.69. 1,723,702 shares of the company's stock traded hands, compared to its average volume of 136,822. NextNRG Inc. has a 52-week low of $0.93 and a 52-week high of $4.34. The firm has a market cap of $212.21 million, a PE ratio of -0.25 and a beta of -0.60. The firm has a 50-day simple moving average of $1.62 and a 200 day simple moving average of $2.47. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.22 and a quick ratio of 0.21.

NextNRG (NASDAQ:NXXT - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The company reported ($0.30) earnings per share (EPS) for the quarter. The company had revenue of $19.69 million for the quarter.

Institutional Trading of NextNRG

A number of large investors have recently made changes to their positions in NXXT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of NextNRG in the second quarter worth approximately $26,000. Intech Investment Management LLC bought a new stake in shares of NextNRG in the second quarter worth approximately $29,000. JPMorgan Chase & Co. bought a new stake in shares of NextNRG in the second quarter worth approximately $33,000. Veracity Capital LLC bought a new stake in shares of NextNRG in the second quarter worth approximately $34,000. Finally, OMERS ADMINISTRATION Corp bought a new stake in shares of NextNRG in the first quarter worth approximately $84,000. 10.56% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Zacks Research raised shares of NextNRG to a "hold" rating in a report on Wednesday, September 3rd. ThinkEquity raised shares of NextNRG to a "strong-buy" rating and set a $6.00 target price for the company in a report on Monday, June 23rd. Finally, HC Wainwright assumed coverage on shares of NextNRG in a report on Tuesday, September 2nd. They issued a "buy" rating and a $5.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $5.50.

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.