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

New Fortress Energy LLC (NASDAQ:NFE - Get Free Report)'s stock price dropped 4.7% during trading on Monday . The stock traded as low as $2.07 and last traded at $2.13. Approximately 1,999,280 shares changed hands during mid-day 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 Analyst Weigh In

NFE has been the topic of several analyst reports. Citigroup dropped their price target 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. Deutsche Bank Aktiengesellschaft set a $8.00 price target on shares of New Fortress Energy in a research note on Wednesday, March 12th. BTIG Research lowered shares of New Fortress Energy from a "buy" rating to a "neutral" rating in a research note on Thursday. Morgan Stanley set a $4.00 price target on shares of New Fortress Energy and gave the company an "equal weight" rating in a research note on Tuesday, May 27th. Finally, Stifel Nicolaus dropped their price target on shares of New Fortress Energy from $16.00 to $14.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $10.17.

New Fortress Energy Stock Up 4.4%

The company has a quick ratio of 0.88, a current ratio of 0.94 and a debt-to-equity ratio of 4.00. The firm has a market cap of $651.57 million, a price-to-earnings ratio of -1.06 and a beta of 1.21. The stock's 50 day moving average is $3.89 and its 200 day moving average is $8.95.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its stake in shares of New Fortress Energy by 2.0% during the fourth quarter. JPMorgan Chase & Co. now owns 48,250 shares of the company's stock valued at $730,000 after acquiring an additional 935 shares during the period. US Bancorp DE increased its stake 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 valued at $71,000 after acquiring an additional 1,126 shares during the period. Allworth Financial LP increased its stake 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 valued at $32,000 after acquiring an additional 1,962 shares during the period. Victory Capital Management Inc. increased its stake in shares of New Fortress Energy by 11.2% during the first quarter. Victory Capital Management Inc. now owns 21,474 shares of the company's stock valued at $178,000 after acquiring an additional 2,157 shares during the period. Finally, Deutsche Bank AG increased its stake in shares of New Fortress Energy by 3.0% during the fourth quarter. Deutsche Bank AG now owns 85,206 shares of the company's stock valued at $1,288,000 after acquiring an additional 2,463 shares during the period. Institutional investors and hedge funds 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.