New Fortress Energy (NASDAQ:NFE) Shares Up 6% - Here's What Happened

Key Points

• New Fortress Energy's stock rose by 6% on Tuesday, trading at $2.40 after a previous close of $2.26, with trading volume significantly down at about 1.3 million shares.
• Analysts have mixed views on the stock, with a consensus target price of $7.88 and ratings ranging from "buy" to "hold" from various research firms.
• Institutional ownership has increased, with investors like Cetera Investment Advisers boosting their stake by 552.2%, indicating strong interest from large investors.

New Fortress Energy LLC (NASDAQ:NFE - Get Free Report)'s share price rose 6% during trading on Tuesday . The company traded as high as $2.43 and last traded at $2.40. Approximately 1,315,049 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 9,075,132 shares. The stock had previously closed at $2.26.

Analyst Upgrades and Downgrades

NFE has been the subject of a number of research analyst reports. Zacks Research raised New Fortress Energy to a "hold" rating in a report on Monday, August 11th. Compass Point initiated coverage on New Fortress Energy in a report on Tuesday, July 1st. They issued a "buy" rating and a $8.50 target price for the company. BTIG Research lowered New Fortress Energy from a "buy" rating to a "neutral" rating in a report on Thursday, June 26th. Johnson Rice lowered New Fortress Energy from a "buy" rating to a "hold" rating and reduced their target price for the stock from $7.00 to $4.00 in a report on Wednesday, August 13th. Finally, Morgan Stanley set a $4.00 price objective on New Fortress Energy and gave the stock an "equal weight" rating in a report on Tuesday, May 27th. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $7.88.

New Fortress Energy Stock Up 10.0%

The company has a market capitalization of $723.88 million, a PE ratio of -1.17 and a beta of 1.08. The company has a debt-to-equity ratio of 4.77, a current ratio of 1.00 and a quick ratio of 0.95. The company has a 50-day moving average of $3.13 and a two-hundred day moving average of $5.79.

Hedge Funds Weigh In On New Fortress Energy

Institutional investors and hedge funds have recently bought and sold shares of the stock. Cetera Investment Advisers lifted its position in New Fortress Energy by 552.2% during the fourth quarter. Cetera Investment Advisers now owns 130,650 shares of the company's stock valued at $1,975,000 after purchasing an additional 110,617 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in New Fortress Energy by 32.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,470,832 shares of the company's stock valued at $22,239,000 after purchasing an additional 359,421 shares in the last quarter. Two Sigma Investments LP lifted its position in New Fortress Energy by 186.9% during the fourth quarter. Two Sigma Investments LP now owns 170,852 shares of the company's stock valued at $2,583,000 after purchasing an additional 111,300 shares in the last quarter. Mork Capital Management LLC purchased a new position in New Fortress Energy during the fourth quarter valued at $1,046,000. Finally, American Assets Investment Management LLC lifted its position in New Fortress Energy by 888.8% during the first quarter. American Assets Investment Management LLC now owns 1,859,106 shares of the company's stock valued at $15,449,000 after purchasing an additional 1,671,094 shares in the last quarter. 58.61% of the stock is currently 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.