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

New Fortress Energy LLC (NASDAQ:NFE - Get Free Report)'s stock price gapped down prior to trading on Thursday . The stock had previously closed at $2.28, but opened at $2.11. New Fortress Energy shares last traded at $2.21, with a volume of 1,032,569 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on NFE shares. 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. Citigroup dropped their price objective on New Fortress Energy from $34.00 to $8.00 and set a "buy" rating on the stock in a research note on Wednesday, April 9th. Stifel Nicolaus decreased their target price 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. Deutsche Bank Aktiengesellschaft set a $8.00 target price on New Fortress Energy in a report on Wednesday, March 12th. Finally, BTIG Research cut New Fortress Energy from a "buy" rating to a "neutral" rating in a research report on Thursday. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $10.17.

New Fortress Energy Stock Performance

The firm has a 50 day moving average of $3.89 and a 200-day moving average of $8.95. The company has a debt-to-equity ratio of 4.00, a quick ratio of 0.88 and a current ratio of 0.94.

Institutional Investors Weigh In On New Fortress Energy

A number of institutional investors have recently bought and sold shares of the business. Capital World Investors boosted its position in shares of New Fortress Energy by 87.9% during the 4th quarter. Capital World Investors now owns 19,925,022 shares of the company's stock valued at $301,266,000 after acquiring an additional 9,319,985 shares in the last quarter. William Blair Investment Management LLC lifted its stake in New Fortress Energy by 40.8% during the fourth quarter. William Blair Investment Management LLC now owns 15,567,055 shares of the company's stock worth $235,374,000 after purchasing an additional 4,509,177 shares during the period. Vanguard Group Inc. boosted its holdings in New Fortress Energy by 22.6% during the first quarter. Vanguard Group Inc. now owns 13,879,490 shares of the company's stock valued at $115,339,000 after purchasing an additional 2,560,242 shares in the last quarter. Primecap Management Co. CA grew its stake in shares of New Fortress Energy by 13.6% in the 4th quarter. Primecap Management Co. CA now owns 13,096,998 shares of the company's stock valued at $198,027,000 after purchasing an additional 1,564,893 shares during the period. Finally, Hood River Capital Management LLC acquired a new position in shares of New Fortress Energy in the 4th quarter worth approximately $155,023,000. 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.