New Fortress Energy (NASDAQ:NFE) Stock Price Down 9.3% - Time to Sell?

Key Points

• New Fortress Energy's stock fell 9.3% on Friday, trading as low as $2.78, with trading volume decreasing by 80% from its average.
• Recent analyst ratings show a mixed outlook, with targets ranging from $4.00 to $8.50 and a consensus rating of "Moderate Buy".
• Institutional investors own 58.61% of New Fortress Energy, with several large investors increasing their positions recently, indicating continued interest in the company.

New Fortress Energy LLC (NASDAQ:NFE - Get Free Report) shares fell 9.3% on Friday . The stock traded as low as $2.78 and last traded at $2.78. 1,812,365 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 9,154,445 shares. The stock had previously closed at $3.06.

Analyst Ratings Changes

Several research firms have weighed in on NFE. Stifel Nicolaus cut their target price on shares of New Fortress Energy from $16.00 to $14.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Morgan Stanley set a $4.00 price objective on shares of New Fortress Energy and gave the stock an "equal weight" rating in a research report on Tuesday, May 27th. New Street Research set a $8.50 price objective on shares of New Fortress Energy in a research report on Monday, June 30th. BTIG Research downgraded shares of New Fortress Energy from a "buy" rating to a "neutral" rating in a research report on Thursday, June 26th. Finally, Compass Point began coverage on shares of New Fortress Energy in a research report on Tuesday, July 1st. They set a "buy" rating and a $8.50 price objective for the company. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, New Fortress Energy currently has a consensus rating of "Moderate Buy" and an average target price of $8.43.

New Fortress Energy Trading Down 11.1%

The firm has a market cap of $745.82 million, a P/E ratio of -1.21 and a beta of 1.08. The business's 50-day moving average is $3.23 and its two-hundred day moving average is $6.60. The company has a debt-to-equity ratio of 4.77, a current ratio of 1.00 and a quick ratio of 0.95.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. IFP Advisors Inc grew its position in New Fortress Energy by 166.3% in the second quarter. IFP Advisors Inc now owns 9,072 shares of the company's stock valued at $30,000 after purchasing an additional 5,665 shares in the last quarter. Apollon Wealth Management LLC bought a new position in New Fortress Energy in the second quarter valued at $33,000. MQS Management LLC bought a new position in shares of New Fortress Energy in the 2nd quarter valued at about $33,000. Hardin Capital Partners LLC grew its position in shares of New Fortress Energy by 50.0% in the 2nd quarter. Hardin Capital Partners LLC now owns 15,000 shares of the company's stock valued at $54,000 after acquiring an additional 5,000 shares during the period. Finally, Baader Bank Aktiengesellschaft bought a new position in shares of New Fortress Energy in the 2nd quarter valued at about $56,000. 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.