Nextdecade Corp (NASDAQ:NEXT) Sees Large Drop in Short Interest

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Nextdecade Corp (NASDAQ:NEXT) was the recipient of a significant decrease in short interest during the month of August. As of August 31st, there was short interest totalling 535,500 shares, a decrease of 5.7% from the July 31st total of 567,600 shares. Approximately 0.6% of the company’s shares are sold short. Based on an average daily trading volume, of 35,200 shares, the days-to-cover ratio is currently 15.2 days.

Separately, Zacks Investment Research cut Nextdecade from a “hold” rating to a “sell” rating in a research note on Saturday, August 10th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Nextdecade presently has a consensus rating of “Hold” and a consensus price target of $5.75.

Several institutional investors and hedge funds have recently added to or reduced their stakes in NEXT. BlackRock Inc. grew its stake in shares of Nextdecade by 60.4% during the second quarter. BlackRock Inc. now owns 554,639 shares of the company’s stock valued at $3,505,000 after buying an additional 208,804 shares during the last quarter. River & Mercantile Asset Management LLP bought a new position in shares of Nextdecade during the second quarter valued at approximately $511,000. Polar Asset Management Partners Inc. bought a new position in shares of Nextdecade during the second quarter valued at approximately $506,000. Gradient Investments LLC bought a new position in shares of Nextdecade during the second quarter valued at approximately $63,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Nextdecade by 38.4% during the second quarter. Charles Schwab Investment Management Inc. now owns 33,210 shares of the company’s stock valued at $210,000 after buying an additional 9,206 shares during the last quarter. 85.21% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NEXT traded down $0.12 during mid-day trading on Friday, reaching $6.09. 42,133 shares of the company’s stock traded hands, compared to its average volume of 27,697. The stock has a market cap of $686.46 million, a P/E ratio of -14.85 and a beta of -0.26. The stock’s 50-day moving average is $5.09 and its two-hundred day moving average is $5.26. Nextdecade has a 12 month low of $3.15 and a 12 month high of $6.71. The company has a debt-to-equity ratio of 0.01, a current ratio of 6.84 and a quick ratio of 6.84.

Nextdecade (NASDAQ:NEXT) last released its earnings results on Tuesday, August 6th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.08. Research analysts predict that Nextdecade will post -0.48 earnings per share for the current year.

About Nextdecade

NextDecade Corporation, a liquefied natural gas (LNG) development company, engages in the development of LNG export projects and associated pipelines in the State of Texas. It intends to develop a portfolio of LNG projects, including Rio Grande LNG export facility, which has a liquefaction capacity of 27 million tons of LNG per annum located in Brownsville, Texas; and the 137-mile Rio Bravo Pipeline that transports natural gas from the Agua Dulce supply area to Rio Grande LNG.

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