NextDecade (NASDAQ: NEXT) stock price showed a bearish outlook in the past month with a nearly $1.10 of price drop. The weekly and monthly report of the stock was quite negative as the stock experienced bear dominance. The downside trend also indicates the investors’ loss of interest in the company.
NEXT Stock Price Analysis
As per the data sourced from Tradingview, on June 14, yesterday, the stock closed at the price of $5.13, with more than 8% of price drop. Additionally, the stock noted high at $5.62 in yesterday’s trading session, while low was at $4.97. However, the opening price of NEXT stock was $5.61, which was near its yesterday’s high. After that, with the bears’ increased activity, the stock price started sliding down.
As shown in the above price chart, high dominance of bears in the market can be seen. In the recent two-days of trading, the stock price declined from its 20-day moving average which was further near to its 200-day EMA. Due to bear’s dominance, the RSI further dropped down and it seems like it’s taking the stock price near the overbought zone.
Furthermore, it is moving towards its one-year price target offered by the analysts having a maximum estimate at $12.00 with the minimum estimate at $4.50. Notably, the price target is set at $8.83, which is up more than 72% from the recent closing price of the NEXT stock.
NextDecade Corporation has the market cap of neary $841.66 Million, while quite negative quarterly reports have affected the investor’s interest in the stock price. This has further pushed the stock price to follow a bearish trend.
According to Yahoo Finance, the business news platform, nearly 85% of the company shares are held by top institutions. York Capital Management Global Advisors, LLC, Valinor Management, LP and Bardin Hill Management Partners LP are the top-3 institutional holders.
The Official Announcement
On June 14, NextDecade announced “framework agreements” with Global Infrastructure Partners (GIP) and TotalEnergies (NYSE: TTE) to support the development of the Rio Grande LNG project (RGLNG).
According to Yahoo Finance, GIP would become a “majority investor in Phase 1, while TotalEnergies would become a 16.67% investor. Moreover, “the agreements are expected to further provide GIP and TotalEnergies options to invest in RGLNG Train 4 and Train 5 and options to invest in the planned carbon capture and sequestration (CCS) project at RGLNG.”
However, based on the present estimates, NextDecade “expects to sell around 45.1 Million shares of common stock in the aggregate to TotalEnergies at an average price per share of nearly $4.86.”
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/06/14/next-stock-declined-nearly-9-in-recent-week-price-analysis/