New Fortress Energy (NASDAQ:NFE) Shares Down 6.2% - Time to Sell?

Key Points

• New Fortress Energy's shares fell 6.2% during trading, closing at $1.89 after trading as low as $1.89, with a significant drop in trading volume.
• Several analysts downgraded NFE's stock ratings, including Zacks Research, which moved it from "hold" to "strong sell," indicating a cautious outlook for investors.
• The company reported a negative return on equity of 22.72% and a net margin of -48.94%, reflecting significant financial challenges.

New Fortress Energy LLC (NASDAQ:NFE - Get Free Report) was down 6.2% during trading on Wednesday . The company traded as low as $1.89 and last traded at $1.89. Approximately 9,182,676 shares traded hands during mid-day trading, a decline of 20% from the average daily volume of 11,422,716 shares. The stock had previously closed at $2.01.

Wall Street Analyst Weigh In

A number of research analysts recently commented on NFE shares. Zacks Research lowered New Fortress Energy from a "hold" rating to a "strong sell" rating in a research note on Monday, October 6th. BTIG Research lowered New Fortress Energy from a "buy" rating to a "neutral" rating in a research note on Thursday, June 26th. Weiss Ratings restated a "sell (d-)" rating on shares of New Fortress Energy in a research note on Tuesday. Capital One Financial reiterated an "underweight" rating on shares of New Fortress Energy in a research note on Monday, September 8th. Finally, Johnson Rice lowered New Fortress Energy from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $7.00 to $4.00 in a research note on Wednesday, August 13th. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $7.88.

New Fortress Energy Stock Down 5.5%

The firm has a fifty day moving average price of $2.26 and a 200 day moving average price of $3.55. The company has a quick ratio of 0.64, a current ratio of 0.67 and a debt-to-equity ratio of 5.77. The company has a market cap of $540.65 million, a P/E ratio of -0.50 and a beta of 1.26.

New Fortress Energy (NASDAQ:NFE - Get Free Report) last announced its earnings results on Wednesday, June 18th. The company reported $0.13 EPS for the quarter. The company had revenue of $679.00 million for the quarter. New Fortress Energy had a negative return on equity of 22.72% and a negative net margin of 48.94%. Equities research analysts forecast that New Fortress Energy LLC will post 0.36 earnings per share for the current year.

Hedge Funds Weigh In On New Fortress Energy

Several hedge funds have recently added to or reduced their stakes in the company. Rubric Capital Management LP boosted its holdings in New Fortress Energy by 0.3% in the second quarter. Rubric Capital Management LP now owns 24,400,000 shares of the company's stock valued at $81,008,000 after acquiring an additional 61,325 shares during the last quarter. Vanguard Group Inc. boosted its holdings in New Fortress Energy by 22.6% in the first quarter. Vanguard Group Inc. now owns 13,879,490 shares of the company's stock valued at $115,339,000 after acquiring an additional 2,560,242 shares during the last quarter. Primecap Management Co. CA boosted its holdings in New Fortress Energy by 0.7% in the second quarter. Primecap Management Co. CA now owns 13,132,578 shares of the company's stock valued at $43,600,000 after acquiring an additional 90,180 shares during the last quarter. Geode Capital Management LLC boosted its holdings in New Fortress Energy by 71.2% during the second quarter. Geode Capital Management LLC now owns 3,661,857 shares of the company's stock worth $12,159,000 after buying an additional 1,522,324 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in New Fortress Energy by 5.5% during the first quarter. Invesco Ltd. now owns 3,465,478 shares of the company's stock worth $28,798,000 after buying an additional 180,824 shares during the last quarter. 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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