NextDecade (NASDAQ:NEXT) Stock Price Down 6.1% - Time to Sell?

Key Points

• NextDecade Corporation's stock price fell by 6.1% to $7.60, with a significant decrease in trading volume of 68% compared to the average.
• Analysts have mixed reviews, with ratings ranging from "Strong Buy" to "Hold," and an average target price of $13.00.
• Institutional investors increased their stakes in NextDecade, with notable raises from firms like Bank of America and Adage Capital Partners.

Shares of NextDecade Corporation (NASDAQ:NEXT - Get Free Report) dropped 6.1% during trading on Thursday . The stock traded as low as $7.85 and last traded at $7.60. Approximately 730,348 shares changed hands during trading, a decline of 68% from the average daily volume of 2,286,172 shares. The stock had previously closed at $8.09.

Wall Street Analyst Weigh In

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

NextDecade Stock Down 4.1%

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 stock has a market capitalization of $2.03 billion, a PE ratio of -9.97 and a beta of 1.35. The stock's fifty day simple moving average is $10.50 and its 200-day simple moving average is $8.72.

NextDecade (NASDAQ:NEXT - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported ($0.23) EPS for the quarter, hitting analysts' consensus estimates of ($0.23). As a group, sell-side analysts forecast that NextDecade Corporation will post -0.61 EPS for the current fiscal year.

Institutional Investors Weigh In On NextDecade

A number of hedge funds have recently made changes to their positions in the business. Catalyst Capital Advisors LLC raised its stake in shares of NextDecade by 2.3% during the 2nd quarter. Catalyst Capital Advisors LLC now owns 4,704,427 shares of the company's stock worth $41,916,000 after purchasing an additional 107,004 shares during the period. Geode Capital Management LLC raised its stake in NextDecade by 12.3% in the 2nd quarter. Geode Capital Management LLC now owns 3,541,633 shares of the company's stock valued at $31,559,000 after acquiring an additional 386,613 shares during the period. Bank of America Corp DE raised its stake in NextDecade by 16.7% in the 2nd quarter. Bank of America Corp DE now owns 3,102,352 shares of the company's stock valued at $27,642,000 after acquiring an additional 444,518 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in NextDecade by 17.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,248,028 shares of the company's stock valued at $17,490,000 after acquiring an additional 338,429 shares during the period. Finally, Adage Capital Partners GP L.L.C. raised its stake in NextDecade by 520.0% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,550,000 shares of the company's stock valued at $13,810,000 after acquiring an additional 1,300,000 shares during the period. 66.74% of the stock is currently owned by institutional investors.

About NextDecade

NextDecade Corp. is a development company.

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