New Fortress Energy (NASDAQ:NFE) Trading Down 4.7% - Here's Why

New Fortress Energy LLC (NASDAQ:NFE - Get Free Report) shares dropped 4.7% during mid-day trading on Monday . The stock traded as low as $2.07 and last traded at $2.13. Approximately 1,999,280 shares traded hands during trading, a decline of 69% from the average daily volume of 6,497,286 shares. The stock had previously closed at $2.23.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Stifel Nicolaus lowered their price objective on New Fortress Energy from $16.00 to $14.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Citigroup reduced their target price on shares of New Fortress Energy from $34.00 to $8.00 and set a "buy" rating on the stock in a research note on Wednesday, April 9th. Morgan Stanley set a $4.00 price target on shares of New Fortress Energy and gave the stock an "equal weight" rating in a research report on Tuesday, May 27th. Deutsche Bank Aktiengesellschaft set a $8.00 price objective on shares of New Fortress Energy in a report on Wednesday, March 12th. Finally, BTIG Research set a $8.00 target price on shares of New Fortress Energy and gave the stock a "buy" rating in a report on Thursday, May 15th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, New Fortress Energy has an average rating of "Moderate Buy" and an average target price of $10.17.

New Fortress Energy Stock Up 5.1%

The company has a debt-to-equity ratio of 4.00, a current ratio of 0.94 and a quick ratio of 0.88. The stock has a market cap of $587.24 million, a price-to-earnings ratio of -0.95 and a beta of 1.22. The firm has a 50 day simple moving average of $4.07 and a two-hundred day simple moving average of $9.11.

Institutional Trading of New Fortress Energy

A number of hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. raised its stake in New Fortress Energy by 2.0% during the 4th quarter. JPMorgan Chase & Co. now owns 48,250 shares of the company's stock worth $730,000 after buying an additional 935 shares during the period. US Bancorp DE raised its position in shares of New Fortress Energy by 31.5% during the fourth quarter. US Bancorp DE now owns 4,696 shares of the company's stock worth $71,000 after purchasing an additional 1,126 shares during the period. Allworth Financial LP raised its position in shares of New Fortress Energy by 2,156.0% during the fourth quarter. Allworth Financial LP now owns 2,053 shares of the company's stock worth $32,000 after purchasing an additional 1,962 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of New Fortress Energy by 11.2% during 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 in the last quarter. Finally, Deutsche Bank AG grew its position in shares of 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. 58.61% of the stock is currently owned by institutional investors and hedge funds.

New Fortress Energy Company Profile

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.