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

Shares of NextDecade Corporation (NASDAQ:NEXT) gapped up prior to trading 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 trading hands.

Wall Street Analysts Forecast Growth

Separately, TD Cowen raised NextDecade from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a research note on Tuesday.

NextDecade Price Performance

The company has a market capitalization of $2.25 billion, a PE ratio of -12.66 and a beta of 1.10. The company has a debt-to-equity ratio of 2.64, a current ratio of 0.85 and a quick ratio of 0.85. The stock’s 50 day simple moving average is $7.89 and its 200-day simple moving average is $7.76.

Institutional Investors Weigh In On NextDecade

Several large investors have recently added to or reduced their stakes in the business. Rhumbline Advisers boosted its position in NextDecade by 12.3% in the 1st quarter. Rhumbline Advisers now owns 166,090 shares of the company’s stock valued at $1,292,000 after buying an additional 18,190 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of NextDecade by 13.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 277,307 shares of the company’s stock worth $2,157,000 after acquiring an additional 33,941 shares during the period. Caxton Associates LLP acquired a new stake in shares of NextDecade in the first quarter valued at $185,000. Millennium Management LLC boosted its holdings in NextDecade by 10.1% in the first quarter. Millennium Management LLC now owns 1,404,770 shares of the company’s stock valued at $10,929,000 after purchasing an additional 128,568 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in NextDecade by 17.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,248,028 shares of the company’s stock valued at $17,490,000 after purchasing an additional 338,429 shares during the period. 66.74% of the stock is owned by hedge funds and other institutional investors.

NextDecade Company Profile

NextDecade Corp. is a development company.