New Fortress Energy (NASDAQ:NFE) Shares Gap Down - Here's Why

Key Points

• New Fortress Energy shares gapped down from $2.62 to $2.52 before trading at $2.39 with a trading volume of over 1.7 million shares.
• Multiple analysts have adjusted their ratings, with BTIG Research downgrading the stock to “neutral” and new target prices set between $4.00 and $8.50.
• Institutional investors own approximately 58.61% of New Fortress Energy's stock, with significant increases in holdings by Cetera Investment Advisers and American Assets Investment Management.

Shares of New Fortress Energy LLC (NASDAQ:NFE - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $2.62, but opened at $2.52. New Fortress Energy shares last traded at $2.39, with a volume of 1,747,065 shares traded.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. BTIG Research cut shares of New Fortress Energy from a "buy" rating to a "neutral" rating in a research note on Thursday, June 26th. New Street Research set a $8.50 target price on shares of New Fortress Energy in a research note on Monday, June 30th. Morgan Stanley set a $4.00 price target on shares of New Fortress Energy and gave the company an "equal weight" rating in a research report on Tuesday, May 27th. Compass Point assumed coverage on shares of New Fortress Energy in a report on Tuesday, July 1st. They set a "buy" rating and a $8.50 price objective for the company. Finally, Stifel Nicolaus reduced their price objective on New Fortress Energy from $16.00 to $14.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $8.43.

New Fortress Energy Stock Performance

The firm has a fifty day moving average of $3.23 and a 200-day moving average of $6.45. The firm has a market cap of $640.26 million, a P/E ratio of -1.04 and a beta of 1.08. The company has a quick ratio of 0.95, a current ratio of 1.00 and a debt-to-equity ratio of 4.77.

Hedge Funds Weigh In On New Fortress Energy

Several hedge funds have recently added to or reduced their stakes in NFE. Cetera Investment Advisers boosted its holdings in New Fortress Energy by 552.2% during the fourth quarter. Cetera Investment Advisers now owns 130,650 shares of the company's stock worth $1,975,000 after buying an additional 110,617 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in New Fortress Energy by 32.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,470,832 shares of the company's stock worth $22,239,000 after buying an additional 359,421 shares during the last quarter. Two Sigma Investments LP boosted its holdings in New Fortress Energy by 186.9% during the fourth quarter. Two Sigma Investments LP now owns 170,852 shares of the company's stock worth $2,583,000 after buying an additional 111,300 shares during the last quarter. Mork Capital Management LLC bought a new position in New Fortress Energy during the fourth quarter worth about $1,046,000. Finally, American Assets Investment Management LLC boosted its holdings in New Fortress Energy by 888.8% during the first quarter. American Assets Investment Management LLC now owns 1,859,106 shares of the company's stock worth $15,449,000 after buying an additional 1,671,094 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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