New Fortress Energy (NASDAQ:NFE) Trading Up 11.4% - Here's Why

New Fortress Energy LLC (NASDAQ:NFE - Get Free Report)'s share price traded up 11.4% on Wednesday . The stock traded as high as $4.47 and last traded at $4.55. 1,720,083 shares were traded during trading, a decline of 76% from the average session volume of 7,280,981 shares. The stock had previously closed at $4.08.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Citigroup lowered their target price on New Fortress Energy from $34.00 to $8.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. New Street Research set a $8.50 target price on New Fortress Energy in a report on Monday, June 30th. Compass Point initiated coverage on shares of New Fortress Energy in a research report on Tuesday, July 1st. They set a "buy" rating and a $8.50 price target on the stock. Stifel Nicolaus reduced their price target on shares of New Fortress Energy from $16.00 to $14.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Finally, BTIG Research lowered shares of New Fortress Energy from a "buy" rating to a "neutral" rating in a research report on Thursday, June 26th. Four equities research 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.com, the stock currently has an average rating of "Hold" and a consensus price target of $9.75.

New Fortress Energy Stock Down 8.7%

The business has a 50-day simple moving average of $3.17 and a two-hundred day simple moving average of $7.45. 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 company has a market capitalization of $1.04 billion, a price-to-earnings ratio of -1.68 and a beta of 1.30.

Institutional Investors Weigh In On New Fortress Energy

A number of hedge funds have recently added to or reduced their stakes in the company. Cetera Investment Advisers increased its stake in shares of New Fortress Energy by 552.2% during the 4th quarter. Cetera Investment Advisers now owns 130,650 shares of the company's stock worth $1,975,000 after purchasing an additional 110,617 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of New Fortress Energy by 32.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,470,832 shares of the company's stock worth $22,239,000 after purchasing an additional 359,421 shares in the last quarter. Two Sigma Investments LP increased its stake in shares of New Fortress Energy by 186.9% during the 4th quarter. Two Sigma Investments LP now owns 170,852 shares of the company's stock worth $2,583,000 after purchasing an additional 111,300 shares in the last quarter. Mork Capital Management LLC purchased a new position in shares of New Fortress Energy during the 4th quarter worth approximately $1,046,000. Finally, Brandywine Global Investment Management LLC purchased a new position in shares of New Fortress Energy during the 4th quarter worth approximately $19,618,000. Institutional investors and hedge funds 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.