Insider Buying: NextNRG (NASDAQ:NXXT) CEO Purchases 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 Farkas acquired 1,000,000 shares of the business's stock in a transaction that occurred on Thursday, September 18th. The shares were purchased at an average price 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 of the company's stock, valued at $125,674,681. The trade was a 1.35% increase in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

NextNRG Trading Down 4.0%

NextNRG stock traded down $0.07 during midday trading on Friday, hitting $1.70. 542,239 shares of the stock were exchanged, compared to its average volume of 119,780. The company has a current ratio of 0.22, a quick ratio of 0.21 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $213.47 million, a price-to-earnings ratio of -0.25 and a beta of -0.60. The stock's 50-day simple moving average is $1.63 and its 200 day simple moving average is $2.49. NextNRG Inc. has a fifty-two week low of $0.93 and a fifty-two week high of $4.34.

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

Analyst Ratings Changes

Several research analysts have recently commented on NXXT shares. ThinkEquity raised shares of NextNRG to a "strong-buy" rating and set a $6.00 price objective for the company in a research note on Monday, June 23rd. HC Wainwright started coverage on shares of NextNRG in a research note on Tuesday, September 2nd. They issued a "buy" rating and a $5.00 price objective for the company. Finally, Zacks Research raised shares of NextNRG to a "hold" rating in a research note on Wednesday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $5.50.

Institutional Trading of NextNRG

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Veracity Capital LLC acquired a new stake in NextNRG during the second quarter worth approximately $34,000. Y Intercept Hong Kong Ltd purchased a new position in shares of NextNRG during the first quarter worth approximately $110,000. OMERS ADMINISTRATION Corp purchased a new position in shares of NextNRG during the first quarter worth approximately $84,000. Geode Capital Management LLC grew its position in shares of NextNRG by 2,274.3% during the second quarter. Geode Capital Management LLC now owns 314,454 shares of the company's stock worth $871,000 after acquiring an additional 301,210 shares during the last quarter. Finally, New York State Common Retirement Fund purchased a new position in shares of NextNRG during the second quarter worth approximately $103,000. Institutional investors and hedge funds own 10.56% of the company's stock.

NextNRG Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.