New Fortress Energy (NASDAQ:NFE) Trading 8.6% Higher – Should You Buy?

New Fortress Energy LLC (NASDAQ:NFE) shares were up 8.6% on Tuesday . The company traded as high as $2.19 and last traded at $2.22. Approximately 1,942,378 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 6,514,217 shares. The stock had previously closed at $2.04.

Wall Street Analysts Forecast Growth

NFE has been the subject of several research reports. 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. Citigroup cut their price target on New Fortress Energy from $34.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, April 9th. Stifel Nicolaus lowered their price objective on shares of New Fortress Energy from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. BTIG Research set a $8.00 target price on shares of New Fortress Energy and gave the stock a “buy” rating in a research report on Thursday, May 15th. Finally, Deutsche Bank Aktiengesellschaft set a $8.00 price target on shares of New Fortress Energy in a report on Wednesday, March 12th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, New Fortress Energy presently has an average rating of “Moderate Buy” and an average price target of $10.17.

New Fortress Energy Stock Up 5.1%

The firm’s 50 day moving average is $4.07 and its 200-day moving average is $9.11. The firm has a market cap of $587.24 million, a PE ratio of -0.95 and a beta of 1.22. The company has a quick ratio of 0.88, a current ratio of 0.94 and a debt-to-equity ratio of 4.00.

Hedge Funds Weigh In On New Fortress Energy

Institutional investors and hedge funds have recently bought and sold shares of the stock. Allworth Financial LP grew its stake in New Fortress Energy by 2,156.0% during the fourth quarter. Allworth Financial LP now owns 2,053 shares of the company’s stock worth $32,000 after buying an additional 1,962 shares during the period. Quarry LP purchased a new position in New Fortress Energy in the fourth quarter valued at about $64,000. US Bancorp DE grew its stake 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 buying an additional 1,126 shares in the last quarter. Ancora Advisors LLC purchased a new stake in shares of New Fortress Energy during the 4th quarter valued at about $91,000. Finally, CWM LLC lifted its position in New Fortress Energy by 46.9% during the 1st quarter. CWM LLC now owns 9,065 shares of the company’s stock worth $75,000 after acquiring an additional 2,895 shares in the last quarter. Institutional investors and hedge funds own 58.61% of the company’s stock.

New Fortress Energy Company Profile

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.