NextDecade (NASDAQ:NEXT) Shares Gap Down - Here's Why

Key Points

• NextDecade's share price gapped down from $7.66 to $7.42, and it last traded at $7.12, indicating a decline of 4.7%.
• Analysts have mixed ratings on NextDecade; while Cowen and TD Cowen have upgraded it to a "buy" rating with a target price of $11.00, Morgan Stanley has lowered its target from $15.00 to $10.00.
• Institutional investors hold 66.74% of NextDecade's stock, indicating strong backing from large financial entities despite the recent downturn.

NextDecade Corporation (NASDAQ:NEXT - Get Free Report)'s stock price gapped down before the market opened on Friday . The stock had previously closed at $7.66, but opened at $7.42. NextDecade shares last traded at $7.12, with a volume of 1,271,640 shares traded.

Wall Street Analyst Weigh In

NEXT has been the topic of a number of research reports. Zacks Research raised NextDecade from a "strong sell" rating to a "hold" rating in a research report on Monday, September 8th. Cowen lowered NextDecade from a "buy" rating to a "hold" rating in a research report on Monday. TD Cowen reaffirmed a "hold" rating and set a $8.00 target price (down from $11.00) on shares of NextDecade in a research report on Monday. Seaport Res Ptn raised NextDecade to a "strong-buy" rating in a research report on Friday, July 25th. Finally, Morgan Stanley reissued an "equal weight" rating and issued a $10.00 price target (down from $15.00) on shares of NextDecade in a research report on Friday, September 12th. One equities research analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $9.00.

NextDecade Trading Down 2.0%

The stock has a market capitalization of $1.79 billion, a PE ratio of -8.82 and a beta of 1.35. The firm has a 50-day moving average price of $10.34 and a 200-day moving average price of $8.72. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 2.77.

NextDecade (NASDAQ:NEXT - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported ($0.23) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.23). As a group, equities analysts forecast that NextDecade Corporation will post -0.61 EPS for the current fiscal year.

Insider Buying and Selling at NextDecade

In other news, CEO Matthew K. Schatzman purchased 281,500 shares of the business's stock in a transaction dated Friday, September 12th. The stock was bought at an average price of $7.14 per share, for a total transaction of $2,009,910.00. Following the purchase, the chief executive officer owned 5,246,316 shares of the company's stock, valued at $37,458,696.24. The trade was a 5.67% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.80% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Neo Ivy Capital Management bought a new position in shares of NextDecade during the 1st quarter worth $411,000. Teacher Retirement System of Texas bought a new position in shares of NextDecade during the 1st quarter worth $163,000. Westwood Holdings Group Inc. grew its stake in shares of NextDecade by 9.7% during the 1st quarter. Westwood Holdings Group Inc. now owns 1,179,636 shares of the company's stock worth $9,178,000 after acquiring an additional 104,104 shares during the period. Catalyst Capital Advisors LLC grew its stake in shares of 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 acquiring an additional 846,937 shares during the period. Finally, Adage Capital Partners GP L.L.C. bought a new position in shares of NextDecade during the 1st quarter worth $1,945,000. Institutional investors own 66.74% of the company's stock.

NextDecade Company Profile

NextDecade Corp. is a development company.