Double Digit NASDAQ Stock Winners: EXFO, NEXT, UONE

4:11 pm Tuesday, June 08th, 2021

Following are major stock gainers on Nasdaq in Monday’s trading session:

EXFO Inc  (NASDAQ:EXFO) was the active stock gainer on Monday. The stock soared 60.27% to close $5.93. The communications equipment company’s shares are trading higher after the company announced a deal to go private later this year as part of an all-cash transaction.

Highlighting why the tech stock is trading more than 60% above where it was trading last week, the deal price is $6 per share — a 63% premium to the stock’s 20-day volume-weighted average trading price. EXFO shareholders, of course, will receive $6 of cash per share they own if the deal closes. The buyout is led by EXFO’s founder, executive chairman, and majority shareholder, Germain Lamonde.

NextDecade Corporation (NASDAQ:NEXT) was another notable winner as the stock went up 42.62% to end the session at $3.48. Morgan Stanley upgraded its rating on NextDecade from “equal weight” to “overweight,” and boosted its price target from $2 per share to $6 per share. That new target is still more than 80% above the current price even after Monday’s rally. Underpinning that upgrade is the view that a global recovery in the natural gas market is “well underway.”

Morgan Stanley believes NextDecade stands out in its field because its carbon-capture venture will enable it to produce low-carbon LNG, which should boost its prospects of reaching a final investment decision on its proposed Rio Grande LNG facility. Further, the company should benefit from higher natural gas prices and an expected capacity shortfall in the coming years.

Urban One, Inc (NASDAQ:UONE) surged 35.60% to $17.71 on Monday following a City Council selected, in May, the media company’s proposed casino project in Richmond, Virginia.

The stock has more than tripled year to date. Last month, Urban One’s casino project was selected by a panel of city officials for approval. Bloomberg News reported that the City Council still needs to vote on the terms of the deal. If it’s approved, a referendum on the project will be held Nov. 2.

Urban One reports earnings on July 29. The company reported a 3.6% drop in first-quarter revenue to $91.4 million.