New Fortress Energy (NASDAQ:NFE) Shares Gap Up - Time to Buy?

Key Points

• New Fortress Energy (NASDAQ:NFE) shares gapped up from $3.78 to $3.98 prior to trading on Monday, closing at $3.86 with significant volume of over 2 million shares traded.
• Wall Street analysts have mixed ratings on NFE, with a consensus rating of "Hold" and a price target of $9.75, although some firms have adjusted their price objectives downward.
• Institutional investors hold a significant portion of NFE shares, with over 58.61% of the stock owned by hedge funds and other institutional investors, indicating substantial interest in the company.

New Fortress Energy LLC (NASDAQ:NFE - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $3.78, but opened at $3.98. New Fortress Energy shares last traded at $3.86, with a volume of 2,018,585 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have commented on NFE. BTIG Research cut shares of New Fortress Energy from a "buy" rating to a "neutral" rating in a report on Thursday, June 26th. Stifel Nicolaus reduced their price objective 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. Morgan Stanley set a $4.00 price objective on New Fortress Energy and gave the company an "equal weight" rating in a research note on Tuesday, May 27th. Compass Point assumed coverage on shares of New Fortress Energy in a research report on Tuesday, July 1st. They issued a "buy" rating and a $8.50 price target for the company. Finally, Citigroup reduced 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 report on Wednesday, April 9th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, New Fortress Energy has a consensus rating of "Hold" and a consensus target price of $9.75.

New Fortress Energy Stock Performance

The business has a 50 day moving average price of $3.17 and a 200 day moving average price of $7.40. The stock has a market capitalization of $1.09 billion, a PE ratio of -1.77 and a beta of 1.30. The company has a debt-to-equity ratio of 4.77, a current ratio of 1.00 and a quick ratio of 0.95.

Institutional Trading of New Fortress Energy

Several hedge funds have recently modified their holdings of NFE. Hood River Capital Management LLC purchased a new stake in New Fortress Energy in the 4th quarter worth about $155,023,000. Capital World Investors raised its holdings in shares of New Fortress Energy by 87.9% in the fourth quarter. Capital World Investors now owns 19,925,022 shares of the company's stock worth $301,266,000 after buying an additional 9,319,985 shares during the period. Vanguard Group Inc. raised 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 during the period. American Assets Investment Management LLC raised its holdings 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 worth $15,449,000 after buying an additional 1,671,094 shares during the period. Finally, Brandywine Global Investment Management LLC purchased a new stake in New Fortress Energy in the fourth quarter worth $19,618,000. 58.61% of the stock is owned by hedge funds and other institutional investors.

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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