NextDecade (NASDAQ:NEXT) Sees Strong Trading Volume - Here's What Happened

Key Points

• NextDecade Corporation experienced a significant increase in trading volume, with approximately 3.15 million shares traded, a 43% rise from the previous session.
• Analysts have upgraded NextDecade's stock rating, with Cowen and TD Cowen both raising their ratings to Buy and setting a target price of $11.
• NextDecade reported earnings of ($0.23) per share in its latest quarterly results, aligning with analysts' expectations for the quarter.

NextDecade Corporation (NASDAQ:NEXT - Get Free Report) saw unusually-high trading volume on Wednesday . Approximately 3,153,591 shares were traded during mid-day trading, an increase of 43% from the previous session's volume of 2,205,438 shares.The stock last traded at $8.46 and had previously closed at $9.94.

Analyst Upgrades and Downgrades

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

NextDecade Price Performance

The stock's fifty day moving average price is $10.52 and its 200-day moving average price is $8.73. The company has a debt-to-equity ratio of 2.77, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a market cap of $2.13 billion, a price-to-earnings ratio of -10.48 and a beta of 1.35.

NextDecade (NASDAQ:NEXT - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported ($0.23) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.23). Equities research analysts predict that NextDecade Corporation will post -0.61 EPS for the current fiscal year.

Institutional Trading of NextDecade

A number of hedge funds have recently modified their holdings of NEXT. Westwood Holdings Group Inc. grew its stake in shares of NextDecade by 6.5% in the second quarter. Westwood Holdings Group Inc. now owns 1,255,874 shares of the company's stock valued at $11,190,000 after buying an additional 76,238 shares in the last quarter. Castleark Management LLC grew its stake in shares of NextDecade by 98.8% in the second quarter. Castleark Management LLC now owns 106,250 shares of the company's stock valued at $947,000 after buying an additional 52,810 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in NextDecade by 89.1% during the second quarter. Tower Research Capital LLC TRC now owns 14,910 shares of the company's stock worth $133,000 after purchasing an additional 7,024 shares during the period. Captrust Financial Advisors boosted its position in NextDecade by 6.2% during the second quarter. Captrust Financial Advisors now owns 55,444 shares of the company's stock worth $494,000 after purchasing an additional 3,219 shares during the period. Finally, BNP Paribas Financial Markets boosted its position in NextDecade by 249.2% during the second quarter. BNP Paribas Financial Markets now owns 30,842 shares of the company's stock worth $275,000 after purchasing an additional 22,009 shares during the period. 66.74% of the stock is currently owned by institutional investors and hedge funds.

About NextDecade

NextDecade Corp. is a development company.

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