New Fortress Energy (NASDAQ:NFE) Reaches New 1-Year Low - Should You Sell?

Key Points

• New Fortress Energy (NFE) shares reached a new 52-week low of $1.26 during trading, down from a previous close of $2.45, indicating significant volatility.
• Analysts have downgraded their ratings on NFE, with Johnson Rice cutting it from "buy" to "hold" and setting a new price target of $4.00.
• Despite recent underperformance, institutional investors hold a significant stake, owning 58.61% of the company's stock.

Shares of New Fortress Energy LLC (NASDAQ:NFE - Get Free Report) hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $1.26 and last traded at $1.40, with a volume of 67533987 shares changing hands. The stock had previously closed at $2.45.

Wall Street Analyst Weigh In

NFE has been the subject of a number of research reports. Johnson Rice cut New Fortress Energy from a "buy" rating to a "hold" rating and reduced their price objective for the company from $7.00 to $4.00 in a research report on Wednesday, August 13th. BTIG Research lowered New Fortress Energy from a "buy" rating to a "neutral" rating in a research note on Thursday, June 26th. New Street Research set a $8.50 price objective on New Fortress Energy in a research note on Monday, June 30th. Compass Point assumed coverage on New Fortress Energy in a research note on Tuesday, July 1st. They issued a "buy" rating and a $8.50 price objective on the stock. Finally, Capital One Financial reiterated an "underweight" rating on shares of New Fortress Energy in a research note on Monday. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, New Fortress Energy has an average rating of "Hold" and a consensus price target of $7.88.

New Fortress Energy Stock Performance

The stock's 50-day moving average is $3.13 and its 200 day moving average is $4.94. The firm has a market cap of $383.88 million, a P/E ratio of -0.62 and a beta of 0.99. The company has a debt-to-equity ratio of 4.77, a quick ratio of 0.95 and a current ratio of 1.00.

Institutional Trading of New Fortress Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Victory Capital Management Inc. boosted its holdings in New Fortress Energy by 11.2% in the 1st quarter. Victory Capital Management Inc. now owns 21,474 shares of the company's stock valued at $178,000 after purchasing an additional 2,157 shares during the period. Deutsche Bank AG boosted its holdings in New Fortress Energy by 3.0% in the 4th quarter. Deutsche Bank AG now owns 85,206 shares of the company's stock valued at $1,288,000 after purchasing an additional 2,463 shares during the period. CWM LLC boosted its holdings in New Fortress Energy by 46.9% in the 1st quarter. CWM LLC now owns 9,065 shares of the company's stock valued at $75,000 after purchasing an additional 2,895 shares during the period. Brown Advisory Inc. boosted its holdings in New Fortress Energy by 31.0% in the 1st quarter. Brown Advisory Inc. now owns 13,100 shares of the company's stock valued at $109,000 after purchasing an additional 3,100 shares during the period. Finally, AlphaQuest LLC boosted its holdings in New Fortress Energy by 15.6% in the 1st quarter. AlphaQuest LLC now owns 25,185 shares of the company's stock valued at $209,000 after purchasing an additional 3,404 shares during the period. Institutional investors own 58.61% of the company's stock.

About New Fortress Energy

New Fortress Energy Inc operates as an integrated gas-to-power energy infrastructure company that provides energy and development services to end-users worldwide. The company operates in two segments, Terminals and Infrastructure, and Ships. The Terminals and Infrastructure segment engages in the natural gas procurement and liquefaction; and shipping, logistics, facilities and conversion, or development of natural gas-fired power generation.

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