Yesterday saw data centres services company NXT rally over +5% as it embraced the increasing momentum of the IT recovery theme. Demand for the companies services has continued to improve through COVID and we feel the pullback in 2021 has been overdone with no value being associated with their plans to expand through the likes of Singapore and Japan.
Also of importance to MM was the recent insider (director) buying of NXT around $11, not huge volume but it’s better to see than selling i.e. over the last 12-months we’ve seen ~$230k worth of buying and zero selling.
MM is bullish NXT around $11, a positive read through for our position in MP1
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