Weiss Ratings Reaffirms Sell (E+) Rating for NextNRG (NASDAQ:NXXT)

Key Points

• Weiss Ratings reiterated its "sell (e+)" rating for NextNRG (NASDAQ:NXXT), highlighting ongoing concerns about the stock's performance.
• NextNRG's stock recently opened at $2.03 and has shown an average target price of $5.50 with a consensus rating of "Moderate Buy."
• Insider activity has increased, with CEO Michael D. Farkas purchasing 1,000,000 shares valued at approximately $1.67 million, representing a notable rise in his ownership stake.

NextNRG (NASDAQ:NXXT - Get Free Report)'s stock had its "sell (e+)" rating reiterated by Weiss Ratings in a note issued to investors on Saturday,Weiss Ratings reports.

NXXT has been the topic of several other research reports. Zacks Research upgraded NextNRG to a "hold" rating in a research note on Wednesday, September 3rd. HC Wainwright assumed coverage on NextNRG in a research report on Tuesday, September 2nd. They issued a "buy" rating and a $5.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $5.50.

NextNRG Stock Up 8.0%

NASDAQ:NXXT opened at $2.03 on Friday. The stock's 50 day moving average price is $1.92 and its two-hundred day moving average price is $2.36. The firm has a market capitalization of $254.91 million, a price-to-earnings ratio of -0.53 and a beta of -0.58. NextNRG has a 12-month low of $0.93 and a 12-month high of $4.34.

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

Insider Activity at NextNRG

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

Institutional Investors Weigh In On NextNRG

A number of large investors have recently added to or reduced their stakes in NXXT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in NextNRG during the second quarter worth approximately $26,000. Intech Investment Management LLC acquired a new stake in NextNRG during the second quarter worth approximately $29,000. JPMorgan Chase & Co. acquired a new stake in NextNRG during the second quarter worth approximately $33,000. Veracity Capital LLC acquired a new stake in NextNRG during the second quarter worth approximately $34,000. Finally, OMERS ADMINISTRATION Corp acquired a new stake in NextNRG during the first quarter worth approximately $84,000. Institutional investors and hedge funds own 10.56% of the company's stock.

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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