NextNRG (NASDAQ:NXXT) Announces Quarterly Earnings Results

NextNRG (NASDAQ:NXXT) issued its earnings results on Friday. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.07), Zacks reports.

NextNRG Price Performance

NASDAQ NXXT traded up $0.09 on Friday, hitting $2.10. The stock had a trading volume of 3,190,481 shares, compared to its average volume of 500,622. NextNRG has a 52-week low of $0.93 and a 52-week high of $4.34. The business’s fifty day moving average price is $1.97 and its 200 day moving average price is $2.23. The stock has a market cap of $263.70 million, a price-to-earnings ratio of -0.55 and a beta of -0.57.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on NXXT shares. HC Wainwright started coverage on shares of NextNRG in a report on Tuesday, September 2nd. They set a “buy” rating and a $5.00 target price on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of NextNRG in a research note on Wednesday, October 8th. Finally, Zacks Research raised shares of NextNRG to a “hold” rating in a report on Wednesday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $5.50.

Insider Buying and Selling

In related news, CTO Avishai Vaknin sold 15,509 shares of the stock in a transaction that occurred on Friday, October 24th. The shares were sold at an average price of $2.01, for a total value of $31,173.09. Following the completion of the transaction, the chief technology officer directly owned 49,204 shares of the company’s stock, valued at $98,900.04. This trade represents a 23.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael D. Farkas bought 1,000,000 shares of the stock in a transaction that occurred on Thursday, September 18th. The stock was bought at an average price of $1.67 per share, with a total value of $1,670,000.00. Following the completion of the purchase, the chief executive officer directly owned 75,254,300 shares in the company, valued at $125,674,681. This represents a 1.35% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 1,035,000 shares of company stock worth $1,729,700 in the last ninety days. 81.67% of the stock is owned by insiders.

Institutional Investors Weigh In On NextNRG

A number of large investors have recently made changes to their positions in NXXT. Vanguard Group Inc. lifted its position in NextNRG by 131.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,049,265 shares of the company’s stock worth $1,920,000 after acquiring an additional 595,448 shares during the period. Geode Capital Management LLC raised its stake in shares of NextNRG by 2,274.3% in the second quarter. Geode Capital Management LLC now owns 314,454 shares of the company’s stock worth $871,000 after purchasing an additional 301,210 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of NextNRG during the third quarter worth about $139,000. New York State Common Retirement Fund acquired a new stake in shares of NextNRG during the second quarter worth about $103,000. Finally, Goldman Sachs Group Inc. purchased a new stake in NextNRG in the first quarter valued at approximately $96,000. 10.56% of the stock is owned by hedge funds and other institutional investors.

NextNRG Company Profile

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.