New Fortress Energy (NASDAQ:NFE) Trading Down 5.9% - Here's Why

Shares of New Fortress Energy Inc. (NASDAQ:NFE - Get Free Report) were down 5.9% during trading on Friday . The stock traded as low as $2.80 and last traded at $2.82. Approximately 3,448,381 shares traded hands during trading, a decline of 44% from the average daily volume of 6,199,174 shares. The stock had previously closed at $2.99.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. BTIG Research set a $8.00 price objective on shares of New Fortress Energy and gave the stock a "buy" rating in a research report on Thursday, May 15th. Stifel Nicolaus reduced their price target on New Fortress Energy from $16.00 to $14.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Morgan Stanley set a $4.00 price target 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 price target on shares of New Fortress Energy in a report on Wednesday, March 12th. Finally, Citigroup decreased their price objective on shares of New Fortress Energy from $34.00 to $8.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $10.17.

New Fortress Energy Stock Performance

The firm has a 50-day moving average price of $4.47 and a two-hundred day moving average price of $9.43. The company has a quick ratio of 0.35, a current ratio of 0.38 and a debt-to-equity ratio of 4.06. The firm has a market cap of $720.02 million, a PE ratio of 2.89 and a beta of 1.21.

Institutional Investors Weigh In On New Fortress Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Allworth Financial LP lifted its stake in New Fortress Energy by 2,156.0% in the fourth quarter. Allworth Financial LP now owns 2,053 shares of the company's stock valued at $32,000 after buying an additional 1,962 shares during the last quarter. Quarry LP purchased a new stake in New Fortress Energy in the 4th quarter valued at $64,000. US Bancorp DE boosted its stake in New Fortress Energy by 31.5% during the 4th quarter. US Bancorp DE now owns 4,696 shares of the company's stock worth $71,000 after purchasing an additional 1,126 shares during the period. CWM LLC grew its position in New Fortress Energy by 46.9% during the 1st quarter. CWM LLC now owns 9,065 shares of the company's stock worth $75,000 after purchasing an additional 2,895 shares during the last quarter. Finally, Hardin Capital Partners LLC purchased a new position in New Fortress Energy during the 1st quarter worth $83,000. 58.61% of the stock is currently owned by institutional investors and hedge funds.

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.