New Fortress Energy (NASDAQ:NFE) Shares Down 9.3% - Should You Sell?

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) fell 9.3% on Thursday . The stock traded as low as $2.33 and last traded at $2.31. 809,052 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 9,121,597 shares. The stock had previously closed at $2.54.

Analysts Set New Price Targets

A number of brokerages recently issued reports on NFE. Compass Point initiated coverage on New Fortress Energy in a research note on Tuesday, July 1st. They set a "buy" rating and a $8.50 price target for the company. BTIG Research lowered New Fortress Energy from a "buy" rating to a "neutral" rating in a research note on Thursday, June 26th. Johnson Rice downgraded shares of New Fortress Energy from a "buy" rating to a "hold" rating and cut their target price for the company from $7.00 to $4.00 in a research report on Wednesday, August 13th. Zacks Research raised shares of New Fortress Energy to a "hold" rating in a research report on Monday, August 11th. Finally, Morgan Stanley set a $4.00 target price on shares of New Fortress Energy and gave the stock an "equal weight" rating in a report on Tuesday, May 27th. Three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $7.88.

New Fortress Energy Trading Up 1.3%

The stock has a market cap of $627.92 million, a PE ratio of -1.02 and a beta of 1.08. The company's fifty day moving average is $3.16 and its 200-day moving average is $5.98. 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

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NFE. JPMorgan Chase & Co. boosted its position in New Fortress Energy by 2.0% during the fourth quarter. JPMorgan Chase & Co. now owns 48,250 shares of the company's stock worth $730,000 after purchasing an additional 935 shares in the last quarter. Envestnet Asset Management Inc. acquired a new stake in New Fortress Energy in the 4th quarter valued at about $155,000. Russell Investments Group Ltd. boosted its stake in New Fortress Energy by 8,438.5% during the fourth quarter. Russell Investments Group Ltd. now owns 40,814 shares of the company's stock worth $617,000 after buying an additional 40,336 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of New Fortress Energy by 32.5% in the fourth quarter. Legal & General Group Plc now owns 108,470 shares of the company's stock valued at $1,640,000 after purchasing an additional 26,602 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in shares of New Fortress Energy during the 4th quarter worth approximately $787,000. Hedge funds and other 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.