NextDecade (NASDAQ:NEXT) Trading 7.5% Higher Following Analyst Upgrade

NextDecade Corporation (NASDAQ:NEXT) shares rose 7.5% during trading on Friday after Morgan Stanley raised their price target on the stock from $10.00 to $15.00. Morgan Stanley currently has an overweight rating on the stock. NextDecade traded as high as $9.85 and last traded at $9.90. Approximately 486,647 shares changed hands during trading, a decline of 75% from the average daily volume of 1,925,417 shares. The stock had previously closed at $9.21.

Several other brokerages have also commented on NEXT. TD Cowen upgraded shares of NextDecade from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a research note on Tuesday, June 24th. Cowen raised shares of NextDecade from a “hold” rating to a “buy” rating in a report on Tuesday, June 24th.

Hedge Funds Weigh In On NextDecade

Several institutional investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC lifted its holdings in NextDecade by 21,395.5% during the 2nd quarter. Farther Finance Advisors LLC now owns 4,729 shares of the company’s stock valued at $42,000 after purchasing an additional 4,707 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of NextDecade by 10.6% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 17,536 shares of the company’s stock worth $160,000 after acquiring an additional 1,675 shares during the last quarter. Rhumbline Advisers raised its stake in shares of NextDecade by 12.3% in the first quarter. Rhumbline Advisers now owns 166,090 shares of the company’s stock worth $1,292,000 after acquiring an additional 18,190 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of NextDecade by 13.9% in 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 last quarter. Finally, Caxton Associates LLP bought a new position in shares of NextDecade in the first quarter worth about $185,000. 66.74% of the stock is owned by institutional investors.

NextDecade Stock Performance

The company has a market capitalization of $2.81 billion, a P/E ratio of -15.84 and a beta of 1.08. 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 $8.26 and its two-hundred day simple moving average is $7.95.

About NextDecade

NextDecade Corp. is a development company.