NextDecade (NASDAQ:NEXT) Trading Down 8.3% - Time to Sell?

Key Points

• NextDecade's stock fell by 8.3% during trading, closing at $6.82, with a significant decline in trading volume compared to its average.
• Wall Street analysts have mixed ratings, with the average target price set at $9.00, indicating a hold recommendation from most, despite some analysts having higher target prices.
• Recent insider trading showed significant purchases of shares, suggesting confidence from directors and major shareholders in the company's future.

NextDecade Corporation (NASDAQ:NEXT - Get Free Report) dropped 8.3% during trading on Wednesday . The company traded as low as $6.95 and last traded at $6.82. Approximately 1,234,808 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 2,624,278 shares. The stock had previously closed at $7.44.

Wall Street Analysts Forecast Growth

NEXT has been the topic of a number of recent research reports. Morgan Stanley reissued an "equal weight" rating and issued a $10.00 target price (down from $15.00) on shares of NextDecade in a research note on Friday, September 12th. Seaport Res Ptn raised NextDecade to a "strong-buy" rating in a research note on Friday, July 25th. Cowen cut NextDecade from a "buy" rating to a "hold" rating in a research note on Monday, September 15th. TD Cowen reissued a "hold" rating and issued a $8.00 target price (down from $11.00) on shares of NextDecade in a research note on Monday, September 15th. Finally, Zacks Research raised NextDecade from a "strong sell" rating to a "hold" rating in a research note on Monday, September 8th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $9.00.

NextDecade Stock Performance

The stock has a market capitalization of $1.80 billion, a P/E ratio of -8.80 and a beta of 1.78. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 2.77. The business has a fifty day moving average price of $9.08 and a 200-day moving average price of $8.64.

NextDecade (NASDAQ:NEXT - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported ($0.23) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.23). On average, sell-side analysts expect that NextDecade Corporation will post -0.61 EPS for the current year.

Insider Transactions at NextDecade

In other news, Director Edward Andrew Jr. Scoggins bought 15,000 shares of the stock in a transaction on Thursday, September 18th. The shares were bought at an average price of $6.46 per share, with a total value of $96,900.00. Following the completion of the acquisition, the director owned 200,070 shares in the company, valued at $1,292,452.20. The trade was a 8.11% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Aerospace Co. Ltd. Hanwha bought 551,819 shares of the stock in a transaction on Tuesday, September 23rd. The stock was purchased at an average cost of $6.99 per share, for a total transaction of $3,857,214.81. Following the acquisition, the insider owned 18,088,187 shares of the company's stock, valued at $126,436,427.13. This trade represents a 3.15% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 1,654,850 shares of company stock worth $11,611,592 in the last ninety days. Insiders own 1.80% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. raised its stake in shares of NextDecade by 137.2% in the first quarter. PNC Financial Services Group Inc. now owns 3,261 shares of the company's stock worth $25,000 after buying an additional 1,886 shares during the period. AlphaQuest LLC raised its stake in shares of NextDecade by 102.2% in the second quarter. AlphaQuest LLC now owns 3,961 shares of the company's stock worth $35,000 after buying an additional 2,002 shares during the period. Raymond James Financial Inc. bought a new position in shares of NextDecade in the second quarter worth about $36,000. Comerica Bank raised 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 period. Finally, Farther Finance Advisors LLC raised its stake in shares of NextDecade by 21,395.5% in the second quarter. Farther Finance Advisors LLC now owns 4,729 shares of the company's stock worth $42,000 after buying an additional 4,707 shares during the period. Institutional investors own 66.74% of the company's stock.

About NextDecade

NextDecade Corp. is a development company.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.