NextDecade (NASDAQ:NEXT) Shares Gap Up – Should You Buy?

Shares of NextDecade Corporation (NASDAQ:NEXT) gapped up before the market opened on Tuesday . The stock had previously closed at $8.23, but opened at $8.76. NextDecade shares last traded at $9.30, with a volume of 2,328,812 shares traded.

Analyst Ratings Changes

Separately, TD Cowen upgraded shares of NextDecade from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a report on Tuesday.

NextDecade Trading Down 6.4%

The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 2.64. The stock has a market capitalization of $2.25 billion, a PE ratio of -12.66 and a beta of 1.10. The business’s 50-day moving average is $7.89 and its two-hundred day moving average is $7.76.

Institutional Trading of NextDecade

Several institutional investors and hedge funds have recently made changes to their positions in the company. Wolf Hill Capital Management LP increased its position in NextDecade by 330.1% during the fourth quarter. Wolf Hill Capital Management LP now owns 8,142,024 shares of the company’s stock worth $62,775,000 after buying an additional 6,248,757 shares during the period. Nuveen LLC purchased a new position in shares of NextDecade during the first quarter worth approximately $8,147,000. Brightline Capital Management LLC acquired a new position in shares of NextDecade in the 1st quarter valued at $7,780,000. Millennium Management LLC raised its position in NextDecade by 262.2% in the 4th quarter. Millennium Management LLC now owns 1,276,202 shares of the company’s stock valued at $9,840,000 after purchasing an additional 923,898 shares during the last quarter. Finally, Riposte Capital LLC acquired a new stake in NextDecade during the 1st quarter worth $6,613,000. 66.74% of the stock is owned by hedge funds and other institutional investors.

NextDecade Company Profile

NextDecade Corp. is a development company.