New Fortress Energy (NASDAQ:NFE) Stock Price Up 8.3% - Still a Buy?

New Fortress Energy LLC (NASDAQ:NFE - Get Free Report) shares traded up 8.3% on Tuesday . The stock traded as high as $3.60 and last traded at $3.60. 6,982,188 shares were traded during trading, an increase of 2% from the average session volume of 6,863,899 shares. The stock had previously closed at $3.32.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Compass Point assumed coverage on shares of New Fortress Energy in a research report on Tuesday. They set a "buy" rating and a $8.50 target price on the stock. Citigroup reduced their price target 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. BTIG Research lowered shares of New Fortress Energy from a "buy" rating to a "neutral" rating in a research report on Thursday, June 26th. 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 report on Tuesday, May 27th. Finally, Deutsche Bank Aktiengesellschaft set a $8.00 price target on shares of New Fortress Energy in a research report on Wednesday, March 12th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, New Fortress Energy presently has an average rating of "Hold" and a consensus price target of $9.75.

New Fortress Energy Stock Up 4.0%

The firm's 50-day moving average price is $3.70 and its 200 day moving average price is $8.62. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of -1.79 and a beta of 1.30. The company has a debt-to-equity ratio of 4.00, a current ratio of 0.94 and a quick ratio of 0.88.

Hedge Funds Weigh In On New Fortress Energy

Several institutional investors and hedge funds have recently modified their holdings of NFE. Quarry LP purchased a new position in shares of New Fortress Energy during the fourth quarter valued at approximately $64,000. US Bancorp DE lifted its stake in shares of New Fortress Energy by 31.5% during the fourth quarter. US Bancorp DE now owns 4,696 shares of the company's stock valued at $71,000 after buying an additional 1,126 shares during the period. CWM LLC increased its stake in New Fortress Energy by 46.9% in the first quarter. CWM LLC now owns 9,065 shares of the company's stock valued at $75,000 after purchasing an additional 2,895 shares during the last quarter. Hardin Capital Partners LLC acquired a new position in New Fortress Energy in the first quarter valued at $83,000. Finally, Chicago Partners Investment Group LLC acquired a new position in New Fortress Energy in the first quarter valued at $84,000. 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.