New Fortress Energy (NASDAQ:NFE) Stock Price Down 5.8% - Here's Why

Shares of New Fortress Energy LLC (NASDAQ:NFE - Get Free Report) dropped 5.8% during mid-day trading on Monday . The company traded as low as $3.79 and last traded at $3.86. Approximately 608,254 shares were traded during trading, a decline of 91% from the average daily volume of 6,987,649 shares. The stock had previously closed at $4.10.

Analyst Ratings Changes

NFE has been the subject of a number of analyst reports. New Street Research set a $8.50 price target on New Fortress Energy in a research report on Monday, June 30th. Compass Point started coverage on 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. Morgan Stanley set a $4.00 price target on New Fortress Energy and gave the company an "equal weight" rating in a research report on Tuesday, May 27th. Citigroup dropped their price target on New Fortress Energy from $34.00 to $8.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. Finally, BTIG Research lowered New Fortress Energy from a "buy" rating to a "neutral" rating in a research report on Thursday, June 26th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $9.75.

New Fortress Energy Price 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 firm has a market cap of $965.18 million, a P/E ratio of -1.56 and a beta of 1.30. The company has a 50-day moving average of $3.51 and a 200 day moving average of $8.33.

Institutional Investors Weigh In On New Fortress Energy

Several hedge funds and other institutional investors have recently made changes to their positions in NFE. Hardin Capital Partners LLC increased its stake in shares of New Fortress Energy by 50.0% in the 2nd quarter. Hardin Capital Partners LLC now owns 15,000 shares of the company's stock valued at $54,000 after buying an additional 5,000 shares during the period. Baader Bank Aktiengesellschaft bought a new position in New Fortress Energy during the second quarter worth about $56,000. Quarry LP bought a new stake in shares of New Fortress Energy in the fourth quarter valued at about $64,000. US Bancorp DE lifted its holdings in shares of New Fortress Energy by 31.5% in the fourth quarter. US Bancorp DE now owns 4,696 shares of the company's stock valued at $71,000 after purchasing an additional 1,126 shares in the last quarter. Finally, CWM LLC lifted its holdings in shares of 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 in the last quarter. 58.61% of the stock is 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.