Short Interest in New Fortress Energy Inc. (NASDAQ:NFE) Grows By 21.1%

New Fortress Energy Inc. (NASDAQ:NFE - Get Free Report) saw a large growth in short interest in April. As of April 15th, there was short interest totalling 48,260,000 shares, a growth of 21.1% from the March 31st total of 39,850,000 shares. Currently, 27.1% of the shares of the company are sold short. Based on an average daily volume of 6,800,000 shares, the days-to-cover ratio is presently 7.1 days.

New Fortress Energy Price Performance

NFE traded up $0.40 during trading on Friday, hitting $6.08. The company's stock had a trading volume of 5,856,178 shares, compared to its average volume of 4,965,385. 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 stock has a market capitalization of $1.66 billion, a price-to-earnings ratio of 6.68 and a beta of 1.52. The firm's 50 day moving average price is $7.80 and its two-hundred day moving average price is $10.59. New Fortress Energy has a 12 month low of $4.72 and a 12 month high of $29.11.

New Fortress Energy (NASDAQ:NFE - Get Free Report) last released its quarterly earnings results on Monday, March 3rd. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.06 by $0.07. New Fortress Energy had a return on equity of 15.60% and a net margin of 7.84%. The business had revenue of $679.00 million during the quarter, compared to analysts' expectations of $613.24 million. Sell-side analysts forecast that New Fortress Energy will post 0.36 earnings per share for the current fiscal year.

Insider Transactions at New Fortress Energy

In other New Fortress Energy news, CFO Christopher S. Guinta acquired 5,000 shares of New Fortress Energy stock in a transaction dated Thursday, March 13th. The stock was bought at an average cost of $8.57 per share, with a total value of $42,850.00. Following the acquisition, the chief financial officer now owns 206,653 shares of the company's stock, valued at approximately $1,771,016.21. The trade was a 2.48 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 37.10% of the stock is owned by insiders.

Hedge Funds Weigh In On New Fortress Energy

Large investors have recently modified their holdings of the stock. Capital World Investors raised its position in New Fortress Energy by 87.9% in the 4th quarter. Capital World Investors now owns 19,925,022 shares of the company's stock worth $301,266,000 after purchasing an additional 9,319,985 shares during the last quarter. William Blair Investment Management LLC raised its position in shares of New Fortress Energy by 40.8% during the fourth quarter. William Blair Investment Management LLC now owns 15,567,055 shares of the company's stock worth $235,374,000 after acquiring an additional 4,509,177 shares during the last quarter. Primecap Management Co. CA raised its position in shares of New Fortress Energy by 13.6% during the fourth quarter. Primecap Management Co. CA now owns 13,096,998 shares of the company's stock worth $198,027,000 after acquiring an additional 1,564,893 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of New Fortress Energy by 31.8% during the fourth quarter. Vanguard Group Inc. now owns 11,319,248 shares of the company's stock valued at $171,147,000 after acquiring an additional 2,728,191 shares during the period. Finally, Hood River Capital Management LLC bought a new position in New Fortress Energy in the fourth quarter valued at about $155,023,000. 58.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on NFE shares. Stifel Nicolaus cut their price target on shares of New Fortress Energy from $16.00 to $14.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Morgan Stanley cut their target price on New Fortress Energy from $15.00 to $14.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 4th. Citigroup lowered 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, Deutsche Bank Aktiengesellschaft set a $8.00 price objective on New Fortress Energy in a report on Wednesday, March 12th. Three equities research 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 currently has a consensus rating of "Moderate Buy" and an average price target of $13.00.

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.

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