New Fortress Energy (NASDAQ:NFE) Shares Down 5% - Time to Sell?

Key Points

• New Fortress Energy's stock price fell 5%, trading between $1.99 and $2.01, with a significant volume drop to 5.7 million shares during trading.
• Analysts have mixed ratings on the stock, with a consensus "Hold" rating and an average price target of $7.88, including a recent downgrade from a "buy" to a "hold" by Johnson Rice.
• The company's latest quarterly earnings showed a substantial loss of ($2.02) per share, missing estimates by $1.38, and reflecting a 29.5% decline in revenue compared to the same quarter last year.

New Fortress Energy LLC (NASDAQ:NFE - Get Free Report)'s share price was down 5% during trading on Monday . The stock traded as low as $1.99 and last traded at $2.01. 5,719,958 shares traded hands during trading, a decline of 49% from the average session volume of 11,275,822 shares. The stock had previously closed at $2.11.

Analyst Ratings Changes

Several equities research analysts have issued reports on NFE shares. New Street Research set a $8.50 price target on New Fortress Energy in a research note on Monday, June 30th. BTIG Research lowered New Fortress Energy from a "buy" rating to a "neutral" rating in a research note on Thursday, June 26th. Capital One Financial reissued an "underweight" rating on shares of New Fortress Energy in a research note on Monday, September 8th. Compass Point began coverage on New Fortress Energy in a research note on Tuesday, July 1st. They issued a "buy" rating and a $8.50 target price for the company. Finally, Johnson Rice lowered New Fortress Energy from a "buy" rating to a "hold" rating and lowered their target price for the company from $7.00 to $4.00 in a research note on Wednesday, August 13th. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $7.88.

New Fortress Energy Price Performance

The company has a debt-to-equity ratio of 5.77, a quick ratio of 0.64 and a current ratio of 0.67. The stock has a market cap of $571.95 million, a P/E ratio of -0.52 and a beta of 0.99. The firm has a 50-day moving average price of $2.59 and a 200-day moving average price of $4.19.

New Fortress Energy (NASDAQ:NFE - Get Free Report) last posted its quarterly earnings results on Saturday, September 13th. The company reported ($2.02) earnings per share for the quarter, missing the consensus estimate of ($0.64) by ($1.38). New Fortress Energy had a negative return on equity of 22.72% and a negative net margin of 48.94%.The company's quarterly revenue was down 29.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.41) earnings per share. On average, analysts forecast that New Fortress Energy LLC will post 0.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On New Fortress Energy

Large investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. lifted its holdings in shares of New Fortress Energy by 133.4% in the first 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of New Fortress Energy by 14.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,679,057 shares of the company's stock worth $13,953,000 after purchasing an additional 208,225 shares during the last quarter. Deutsche Bank AG increased its stake in 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 period. Nuveen LLC purchased a new position in New Fortress Energy in the 1st quarter worth about $2,692,000. Finally, Jump Financial LLC purchased a new position in New Fortress Energy in the 1st quarter worth about $9,492,000. Hedge funds and other institutional investors own 58.61% of the company's stock.

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.

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