New Fortress Energy (NASDAQ:NFE) Shares Up 11.7% – Here’s What Happened

New Fortress Energy LLC (NASDAQ:NFE)’s stock price traded up 11.7% during trading on Wednesday . The company traded as high as $0.7084 and last traded at $0.69. 10,013,055 shares traded hands during trading, a decline of 43% from the average session volume of 17,717,044 shares. The stock had previously closed at $0.6180.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Weiss Ratings restated a “sell (d)” rating on shares of New Fortress Energy in a research report on Monday, December 29th. Zacks Research upgraded New Fortress Energy from a “strong sell” rating to a “hold” rating in a research report on Friday, January 23rd. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, New Fortress Energy has an average rating of “Hold” and an average price target of $7.83.

New Fortress Energy Price Performance

The stock has a market capitalization of $196.34 million, a PE ratio of -0.18 and a beta of 1.24. The stock’s 50 day moving average is $0.97 and its two-hundred day moving average is $1.28. The company has a debt-to-equity ratio of 2.08, a quick ratio of 0.15 and a current ratio of 0.17.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Osaic Holdings Inc. lifted its stake in New Fortress Energy by 244.7% in the 2nd quarter. Osaic Holdings Inc. now owns 11,566 shares of the company’s stock worth $39,000 after purchasing an additional 8,211 shares in the last quarter. Savant Capital LLC purchased a new position in New Fortress Energy in the 3rd quarter worth approximately $28,000. Vanguard Personalized Indexing Management LLC purchased a new position in New Fortress Energy in the 3rd quarter worth approximately $29,000. one8zero8 LLC purchased a new position in New Fortress Energy in the 3rd quarter worth approximately $31,000. Finally, CIBC Bancorp USA Inc. purchased a new position in New Fortress Energy in the 3rd quarter worth approximately $40,000. 58.61% of the stock is owned by hedge funds and other institutional investors.

New Fortress Energy Company Profile

New Fortress Energy is an integrated global energy infrastructure company focused on the development, construction and operation of natural gas-to-power projects and liquefied natural gas (LNG) terminals. The company sources LNG and delivers it via a network of floating storage and regasification units (FSRUs), onshore regasification terminals, and small-scale LNG carriers. By providing reliable natural gas supply solutions, New Fortress Energy aims to displace higher-carbon fuels in power generation, industrial and marine sectors.

The company’s core activities include the design, development and operation of FSRUs and onshore regasification terminals that convert cryogenic LNG back to gas for delivery into domestic transmission networks.