Short Interest in NextNRG Inc. (NASDAQ:NXXT) Increases By 157.9%

Key Points

• Short interest in NextNRG Inc. surged by 157.9%, climbing from 283,700 shares to 731,800 shares as of September 30th, indicating growing bearish sentiment among investors.
• CEO Michael D. Farkas purchased 1,000,000 shares of the company at an average price of $1.67, increasing his ownership stake by 1.35% and bringing total insider ownership to 81.67%.
• Analysts have mixed views on the stock, with ratings ranging from "Strong Buy" to "Sell," and an average price target of $5.50.

NextNRG Inc. (NASDAQ:NXXT - Get Free Report) saw a large increase in short interest in the month of September. As of September 30th, there was short interest totaling 731,800 shares, an increase of 157.9% from the September 15th total of 283,700 shares. Based on an average daily volume of 804,100 shares, the days-to-cover ratio is currently 0.9 days. Based on an average daily volume of 804,100 shares, the days-to-cover ratio is currently 0.9 days.

NextNRG Stock Performance

Shares of NXXT remained flat at $2.28 during trading hours on Friday. 1,389,149 shares of the stock were exchanged, compared to its average volume of 2,563,283. The firm has a fifty day moving average of $1.86 and a two-hundred day moving average of $2.39. The firm has a market cap of $286.30 million, a PE ratio of -0.34 and a beta of -0.58. NextNRG has a 1-year low of $0.93 and a 1-year high of $4.34.

NextNRG (NASDAQ:NXXT - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.30) EPS for the quarter. The firm had revenue of $19.69 million for the quarter.

Insider Buying and Selling at NextNRG

In other news, CEO Michael D. Farkas bought 1,000,000 shares of the business's stock in a transaction on Thursday, September 18th. The shares were bought at an average cost of $1.67 per share, with a total value of $1,670,000.00. Following the purchase, the chief executive officer directly owned 75,254,300 shares in the company, valued at $125,674,681. This trade represents a 1.35% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Sean Matthew Oppen purchased 25,000 shares of the stock in a transaction dated Monday, September 22nd. The shares were bought at an average price of $1.66 per share, for a total transaction of $41,500.00. Following the completion of the acquisition, the director owned 263,976 shares in the company, valued at $438,200.16. This represents a 10.46% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 1,035,000 shares of company stock worth $1,729,700. Company insiders own 81.67% of the company's stock.

Institutional Trading of NextNRG

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its stake in NextNRG by 2,274.3% in the second quarter. Geode Capital Management LLC now owns 314,454 shares of the company's stock valued at $871,000 after acquiring an additional 301,210 shares during the period. New York State Common Retirement Fund bought a new stake in NextNRG during the second quarter worth about $103,000. Y Intercept Hong Kong Ltd bought a new stake in NextNRG during the first quarter worth about $110,000. Goldman Sachs Group Inc. bought a new stake in NextNRG during the first quarter worth about $96,000. Finally, OMERS ADMINISTRATION Corp bought a new stake in NextNRG during the first quarter worth about $84,000. Institutional investors own 10.56% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. ThinkEquity raised shares of NextNRG to a "strong-buy" rating and set a $6.00 price objective for the company in a research note on Monday, June 23rd. Zacks Research raised shares of NextNRG to a "hold" rating in a research note on Wednesday, September 3rd. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of NextNRG in a research note on Wednesday, October 8th. Finally, HC Wainwright began coverage on shares of NextNRG in a research report on Tuesday, September 2nd. They set a "buy" rating and a $5.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $5.50.

About NextNRG

NextNRG, Inc engages in the provision of fuel delivery services. It provides app-based interface customers with the ability to select the time and location of their fueling. It offers diesel, red diesel, and REC-90. The company was founded by Yehuda Levy and Michael D. Farkas on March 28, 2019 and is headquartered in Miami, FL.

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