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

New Fortress Energy LLC (NASDAQ:NFE - Get Free Report) shares gapped up prior to trading on Friday . The stock had previously closed at $4.50, but opened at $4.68. New Fortress Energy shares last traded at $4.88, with a volume of 1,022,032 shares traded.

Analyst Ratings Changes

A number of research firms recently weighed in on NFE. New Street Research set a $8.50 target price on shares of New Fortress Energy in a report on Monday, June 30th. Compass Point began coverage on shares of New Fortress Energy in a report on Tuesday, July 1st. They issued a "buy" rating and a $8.50 target price on the stock. BTIG Research lowered shares of New Fortress Energy from a "buy" rating to a "neutral" rating in a report on Thursday, June 26th. Stifel Nicolaus decreased 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, Citigroup decreased their price objective on shares of New Fortress Energy from $34.00 to $8.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, New Fortress Energy currently has a consensus rating of "Hold" and a consensus price target of $9.75.

New Fortress Energy Stock Performance

The company has a debt-to-equity ratio of 4.77, a quick ratio of 0.95 and a current ratio of 1.00. The stock has a market cap of $1.25 billion, a PE ratio of -2.03 and a beta of 1.30. The company's 50 day simple moving average is $3.29 and its 200 day simple moving average is $7.89.

Institutional Investors Weigh In On New Fortress Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Counterpoint Mutual Funds LLC bought a new position in shares of New Fortress Energy during the 2nd quarter valued at approximately $423,000. Baader Bank Aktiengesellschaft bought a new position in shares of New Fortress Energy during the 2nd quarter valued at approximately $56,000. Hardin Capital Partners LLC grew its position in shares of New Fortress Energy by 50.0% during the 2nd quarter. Hardin Capital Partners LLC now owns 15,000 shares of the company's stock valued at $54,000 after acquiring an additional 5,000 shares during the period. Atlas Brown Inc. bought a new position in shares of New Fortress Energy during the 2nd quarter valued at approximately $120,000. Finally, Goldman Sachs Group Inc. grew its position in shares of New Fortress Energy by 133.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 865,826 shares of the company's stock valued at $7,195,000 after acquiring an additional 494,848 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.