NextDecade Corporation (NASDAQ:NEXT) Short Interest Up 28.4% in March

Key Points

• Short interest jumped 28.4% in March to 24,038,660 shares, representing 9.2% of the company's stock sold short and a days-to-cover ratio of 2.7.
• NextDecade reported a quarterly EPS of ($0.88), missing expectations of ($0.68), and carries a MarketBeat consensus rating of "Hold" with a $6.67 average price target.
• Director Pamela K.M. Beall purchased 71,500 shares at $7.07 (about $505,505), while insiders collectively own 1.8% of the company.

NextDecade Corporation (NASDAQ:NEXT - Get Free Report) was the recipient of a significant growth in short interest during the month of March. As of March 31st, there was short interest totaling 24,038,660 shares, a growth of 28.4% from the March 15th total of 18,718,178 shares. Currently, 9.2% of the company's stock are sold short. Based on an average trading volume of 8,763,383 shares, the days-to-cover ratio is presently 2.7 days.

NextDecade Price Performance

Shares of NextDecade stock opened at $7.16 on Thursday. The firm has a fifty day simple moving average of $6.38 and a 200-day simple moving average of $5.98. 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 has a 1-year low of $4.75 and a 1-year high of $12.12. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of -6.12 and a beta of 1.69.

NextDecade (NASDAQ:NEXT - Get Free Report) last issued its quarterly earnings data 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, sell-side analysts expect that NextDecade will post -0.61 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Insider Transactions at NextDecade

In other NextDecade news, Director Pamela K.M. Beall bought 71,500 shares of NextDecade stock in a transaction on Monday, March 23rd. The stock was purchased at an average cost of $7.07 per share, for a total transaction of $505,505.00. Following the completion of the purchase, the director directly owned 71,500 shares of the company's stock, valued at $505,505. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.80% of the stock is owned by company insiders.

Institutional Trading of NextDecade

Institutional investors and hedge funds have recently modified their holdings of the company. US Bancorp DE lifted its stake 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 buying an additional 3,873 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of NextDecade in the second quarter worth $36,000. Comerica Bank lifted 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 buying an additional 1,900 shares during the last quarter. Bessemer Group Inc. acquired a new stake in shares of NextDecade in the third quarter worth $29,000. Finally, Federated Hermes Inc. acquired a new stake in shares of NextDecade in the third quarter worth $38,000. 66.74% of the stock is currently owned by institutional investors and hedge funds.

NextDecade Company Profile

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.

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