New Fortress Energy (NASDAQ:NFE) Stock Price Down 9.3% - Here's What Happened

Key Points

• New Fortress Energy shares fell by 9.3%, with the stock trading as low as $2.33 and last recorded at $2.31, indicating a drastic decline in trading volume.
• Analysts have reduced their ratings on New Fortress Energy, with Johnson Rice lowering their target price from $7.00 to $4.00 and changing their rating from "buy" to "hold".
• Institutional interest remains significant, with 58.61% of shares now owned by hedge funds and other institutional investors, including notable increases in stakes by various firms.

New Fortress Energy LLC (NASDAQ:NFE - Get Free Report)'s stock price was down 9.3% on Thursday . The stock traded as low as $2.33 and last traded at $2.31. Approximately 809,052 shares were traded during trading, a decline of 91% from the average daily volume of 9,121,597 shares. The stock had previously closed at $2.54.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on NFE shares. Compass Point started coverage on shares of New Fortress Energy in a report on Tuesday, July 1st. They set a "buy" rating and a $8.50 target price for the company. Morgan Stanley set a $4.00 price target on New Fortress Energy and gave the company an "equal weight" rating in a research note on Tuesday, May 27th. Zacks Research upgraded New Fortress Energy to a "hold" rating in a research note on Monday, August 11th. Stifel Nicolaus cut their price target on New Fortress Energy from $16.00 to $14.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Finally, Johnson Rice lowered New Fortress Energy from a "buy" rating to a "hold" rating and cut their price target for the company from $7.00 to $4.00 in a research note on Wednesday, August 13th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $7.88.

New Fortress Energy Price Performance

The firm has a market capitalization of $618.32 million, a price-to-earnings ratio of -1.01 and a beta of 1.08. The company has a fifty day moving average price of $3.19 and a two-hundred day moving average price of $6.10. The company has a quick ratio of 0.95, a current ratio of 1.00 and a debt-to-equity ratio of 4.77.

Institutional Investors Weigh In On New Fortress Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Headlands Technologies LLC purchased a new position in New Fortress Energy during the 2nd quarter worth approximately $82,000. Tower Research Capital LLC TRC grew its position in shares of New Fortress Energy by 2,661.6% during the second quarter. Tower Research Capital LLC TRC now owns 43,826 shares of the company's stock worth $146,000 after buying an additional 42,239 shares in the last quarter. Shay Capital LLC raised its holdings in shares of New Fortress Energy by 7,990.2% during the 2nd quarter. Shay Capital LLC now owns 1,525,000 shares of the company's stock valued at $5,063,000 after buying an additional 1,506,150 shares during the period. Rubric Capital Management LP raised its holdings in shares of New Fortress Energy by 0.3% during the 2nd quarter. Rubric Capital Management LP now owns 24,400,000 shares of the company's stock valued at $81,008,000 after buying an additional 61,325 shares during the period. Finally, BNP Paribas Financial Markets raised its stake in shares of New Fortress Energy by 1,488.1% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,312,564 shares of the company's stock worth $4,358,000 after buying an additional 1,229,913 shares in the last quarter. 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.