New Fortress Energy (NASDAQ:NFE) Sees Unusually-High Trading Volume - Still a Buy?

Key Points

• New Fortress Energy (NFE) experienced a significant trading volume increase of 508%, with approximately 61 million shares traded on Wednesday, pushing the stock price up to $2.77 from a previous close of $2.00.
• Analyst ratings for NFE vary, with three giving a Buy recommendation and a consensus target price of $7.88, though BTIG Research downgraded the stock to Neutral.
• The company reported a quarterly earnings miss with an EPS of ($2.02), falling short of estimates, alongside a 29.5% decline in quarterly revenue compared to the prior year.

New Fortress Energy LLC (NASDAQ:NFE - Get Free Report) shares saw unusually-high trading volume on Wednesday . Approximately 61,157,248 shares changed hands during trading, an increase of 508% from the previous session's volume of 10,064,134 shares.The stock last traded at $2.77 and had previously closed at $2.00.

Analyst Ratings Changes

NFE has been the topic of several recent analyst reports. Compass Point initiated coverage on shares of New Fortress Energy in a research report on Tuesday, July 1st. They set a "buy" rating and a $8.50 target price on the stock. New Street Research set a $8.50 target price on shares of New Fortress Energy in a research report on Monday, June 30th. Morgan Stanley set a $4.00 price target on shares of New Fortress Energy and gave the company an "equal weight" rating in a report on Tuesday, May 27th. Capital One Financial reaffirmed an "underweight" rating on shares of New Fortress Energy in a report on Monday, September 8th. Finally, Zacks Research raised shares of New Fortress Energy to a "hold" rating in a research note on Monday, August 11th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, New Fortress Energy currently has an average rating of "Hold" and an average target price of $7.88.

New Fortress Energy Stock Performance

The stock's fifty day moving average is $2.75 and its two-hundred day moving average is $4.46. The firm has a market capitalization of $665.85 million, a price-to-earnings ratio of -0.61 and a beta of 0.99. The company has a debt-to-equity ratio of 5.77, a quick ratio of 0.64 and a current ratio of 0.67.

New Fortress Energy (NASDAQ:NFE - Get Free Report) last released its quarterly earnings results on Saturday, September 13th. The company reported ($2.02) earnings per share for the quarter, missing analysts' consensus estimates of ($0.64) by ($1.38). New Fortress Energy had a negative net margin of 48.94% and a negative return on equity of 22.72%. The business's revenue for the quarter was down 29.5% on a year-over-year basis. During the same quarter last year, the business earned ($0.41) EPS. Analysts forecast that New Fortress Energy LLC will post 0.36 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. lifted its position in shares of New Fortress Energy by 133.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 865,826 shares of the company's stock worth $7,195,000 after buying an additional 494,848 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of New Fortress Energy by 14.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,679,057 shares of the company's stock worth $13,953,000 after buying an additional 208,225 shares during the last quarter. Deutsche Bank AG lifted its position in shares of New Fortress Energy by 118.5% in the 1st quarter. Deutsche Bank AG now owns 186,180 shares of the company's stock worth $1,547,000 after buying an additional 100,974 shares during the last quarter. Nuveen LLC bought a new position in shares of New Fortress Energy in the 1st quarter worth about $2,692,000. Finally, Jump Financial LLC bought a new position in shares of New Fortress Energy in the 1st quarter worth about $9,492,000. 58.61% of the stock is currently owned by institutional investors.

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.