NextDecade (NASDAQ:NEXT) Shares Down 4.6% - What's Next?

Key Points

• NextDecade Corporation's shares plummeted by 4.6%, trading at $6.48, with a significant decline in trading volume noted at 42% below the average.
• Analysts have revised their ratings on NextDecade, with Morgan Stanley cutting its target price to $10.00, while Zacks upgraded it to a "hold" rating, leading to an average target of $9.00.
• Insiders have been actively purchasing shares, with major stakeholder Aerospace Co. Ltd. acquiring 449,510 shares recently, indicating increased confidence in the company’s prospects.

NextDecade Corporation (NASDAQ:NEXT - Get Free Report) shares were down 4.6% during mid-day trading on Wednesday . The stock traded as low as $6.49 and last traded at $6.48. Approximately 1,500,995 shares traded hands during trading, a decline of 42% from the average daily volume of 2,566,442 shares. The stock had previously closed at $6.79.

Analyst Ratings Changes

Several equities analysts have weighed in on NEXT shares. Morgan Stanley reissued an "equal weight" rating and issued a $10.00 target price (down previously from $15.00) on shares of NextDecade in a research note on Friday, September 12th. Zacks Research raised NextDecade from a "strong sell" rating to a "hold" rating in a research note on Monday, September 8th. TD Cowen reissued a "hold" rating and issued a $8.00 target price (down previously from $11.00) on shares of NextDecade in a research note on Monday, September 15th. Cowen downgraded NextDecade from a "buy" rating to a "hold" rating in a report on Monday, September 15th. Finally, Seaport Res Ptn upgraded NextDecade to a "strong-buy" rating in a report on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $9.00.

NextDecade Stock Performance

The company has a 50 day moving average price of $9.51 and a 200-day moving average price of $8.69. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 2.77. The company has a market cap of $1.73 billion, a P/E ratio of -8.47 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). On average, equities analysts expect that NextDecade Corporation will post -0.61 earnings per share for the current fiscal year.

Insider Transactions at NextDecade

In other news, major shareholder Aerospace Co. Ltd. Hanwha acquired 449,510 shares of NextDecade stock in a transaction that occurred on Wednesday, September 24th. The shares were acquired at an average price of $7.02 per share, for a total transaction of $3,155,560.20. Following the transaction, the insider directly owned 18,537,697 shares of the company's stock, valued at approximately $130,134,632.94. The trade was a 2.49% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew K. Schatzman acquired 281,500 shares of NextDecade stock in a transaction that occurred on Friday, September 12th. The shares were purchased at an average price of $7.14 per share, for a total transaction of $2,009,910.00. Following the transaction, the chief executive officer directly owned 5,246,316 shares in the company, valued at $37,458,696.24. The trade was a 5.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 1,654,850 shares of company stock worth $11,611,592. 1.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of NEXT. Adage Capital Partners GP L.L.C. lifted its holdings in NextDecade by 520.0% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,550,000 shares of the company's stock worth $13,810,000 after buying an additional 1,300,000 shares during the period. Nuveen LLC acquired a new position in NextDecade during the 1st quarter worth about $8,147,000. Brightline Capital Management LLC acquired a new position in NextDecade during the 1st quarter worth about $7,780,000. Riposte Capital LLC acquired a new position in NextDecade during the 1st quarter worth about $6,613,000. Finally, Catalyst Capital Advisors LLC lifted its holdings in NextDecade by 22.6% during the 1st quarter. Catalyst Capital Advisors LLC now owns 4,597,423 shares of the company's stock worth $35,768,000 after buying an additional 846,937 shares during the period. 66.74% of the stock is owned by institutional investors and hedge funds.

NextDecade Company Profile

NextDecade Corp. is a development company.

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