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

New Fortress Energy Inc. (NASDAQ:NFE - Get Free Report) gapped down prior to trading 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 trading hands.

Analysts Set New Price Targets

A number of research firms recently issued reports on NFE. Stifel Nicolaus dropped their target price on shares of New Fortress Energy from $16.00 to $14.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Morgan Stanley set a $4.00 target price on shares of New Fortress Energy and gave the company an "equal weight" rating in a research note on Tuesday, May 27th. Deutsche Bank Aktiengesellschaft set a $8.00 target price on shares of New Fortress Energy in a report on Wednesday, March 12th. Citigroup lowered their price target on New Fortress Energy from $34.00 to $8.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. Finally, BTIG Research set a $8.00 price objective on New Fortress Energy and gave the stock a "buy" rating in a research note on Thursday, May 15th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $10.17.

New Fortress Energy Price Performance

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 cap of $750.14 million, a PE ratio of 3.01 and a beta of 1.21. The company's 50 day moving average is $4.58 and its 200-day moving average is $9.55.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Hood River Capital Management LLC acquired a new position in New Fortress Energy in the fourth quarter worth about $155,023,000. Capital World Investors raised 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 last quarter. Vanguard Group Inc. boosted its holdings in 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 purchasing an additional 2,728,191 shares during the period. Finally, American Assets Investment Management LLC increased its stake 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 valued at $15,449,000 after purchasing an additional 1,671,094 shares during the last quarter. 58.61% of the stock is owned by institutional investors and hedge funds.

New Fortress Energy Company Profile

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.