New Fortress Energy (NASDAQ:NFE) Trading Down 3.2% – What’s Next?

New Fortress Energy LLC (NASDAQ:NFE) traded down 3.2% during mid-day trading on Tuesday . The stock traded as low as $0.3574 and last traded at $0.3661. Approximately 1,776,071 shares traded hands during trading, a decline of 64% from the average session volume of 4,970,428 shares. The stock had previously closed at $0.3781.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded shares of New Fortress Energy from a “sell” rating to a “strong sell” rating in a research report on Saturday, April 18th. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $4.00.

New Fortress Energy Price Performance

The company has a fifty day simple moving average of $0.55 and a 200 day simple moving average of $0.88. The stock has a market capitalization of $104.57 million, a price-to-earnings ratio of -0.16 and a beta of 1.33. The company has a debt-to-equity ratio of 3.57, a quick ratio of 0.11 and a current ratio of 0.13.

New Fortress Energy (NASDAQ:NFE) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($1.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($1.21). The company had revenue of $226.95 million for the quarter, compared to the consensus estimate of $508.60 million. New Fortress Energy had a negative return on equity of 253.73% and a negative net margin of 164.16%. Equities research analysts forecast that New Fortress Energy LLC will post -1.25 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Lazard Asset Management LLC boosted its stake in shares of New Fortress Energy by 1,765.5% in the 1st quarter. Lazard Asset Management LLC now owns 1,614,029 shares of the company’s stock valued at $952,000 after purchasing an additional 1,527,509 shares during the last quarter. Wealthfront Advisers LLC raised its stake in New Fortress Energy by 7.3% during the first quarter. Wealthfront Advisers LLC now owns 195,946 shares of the company’s stock worth $116,000 after buying an additional 13,343 shares during the last quarter. Bank of New York Mellon Corp raised its stake in New Fortress Energy by 3.1% during the first quarter. Bank of New York Mellon Corp now owns 556,407 shares of the company’s stock worth $328,000 after buying an additional 16,991 shares during the last quarter. Lee Danner & Bass Inc. acquired a new position in New Fortress Energy in the first quarter valued at $173,000. Finally, Leonteq Securities AG lifted its holdings in New Fortress Energy by 151.7% in the first quarter. Leonteq Securities AG now owns 82,447 shares of the company’s stock valued at $49,000 after buying an additional 49,694 shares during the period. Institutional investors and hedge funds own 58.61% of the company’s stock.

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.