New Fortress Energy (NASDAQ:NFE) Shares Gap Down - Time to Sell?

Shares of New Fortress Energy Inc. (NASDAQ:NFE - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $3.20, but opened at $3.04. New Fortress Energy shares last traded at $3.20, with a volume of 633,402 shares traded.

Analysts Set New Price Targets

NFE has been the topic of a number of research reports. 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 target 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. Deutsche Bank Aktiengesellschaft set a $8.00 price target on New Fortress Energy in a report on Wednesday, March 12th. Stifel Nicolaus lowered their price objective on shares of 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, BTIG Research set a $8.00 target price on shares of New Fortress Energy and gave the company a "buy" rating in a research report on Thursday, May 15th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $10.17.

New Fortress Energy Stock Down 8.4%

The stock's 50-day moving average price is $4.52 and its two-hundred day moving average price is $9.49. The company has a current ratio of 0.38, a quick ratio of 0.35 and a debt-to-equity ratio of 4.06. The stock has a market capitalization of $750.14 million, a P/E ratio of 3.01 and a beta of 1.21.

Institutional Investors Weigh In On New Fortress Energy

Several institutional investors have recently made changes to their positions in NFE. Hood River Capital Management LLC bought a new stake in shares of New Fortress Energy during the 4th quarter valued at $155,023,000. Capital World Investors grew its holdings in 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 buying an additional 9,319,985 shares in the last quarter. William Blair Investment Management LLC increased its position in shares of 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 valued at $235,374,000 after buying an additional 4,509,177 shares during the period. Vanguard Group Inc. lifted its holdings in shares of New Fortress Energy by 31.8% in the fourth quarter. Vanguard Group Inc. now owns 11,319,248 shares of the company's stock worth $171,147,000 after buying an additional 2,728,191 shares in the last quarter. Finally, American Assets Investment Management LLC boosted its position in shares of New Fortress Energy by 888.8% in the first quarter. American Assets Investment Management LLC now owns 1,859,106 shares of the company's stock valued at $15,449,000 after acquiring an additional 1,671,094 shares during the period. 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.