New Fortress Energy (NASDAQ:NFE) Shares Gap Up – Time to Buy?

Shares of New Fortress Energy LLC (NASDAQ:NFE) gapped up prior to trading on Friday . The stock had previously closed at $1.70, but opened at $1.81. New Fortress Energy shares last traded at $1.7850, with a volume of 3,852,305 shares trading hands.

Wall Street Analyst Weigh In

NFE has been the topic of several analyst reports. Weiss Ratings restated a “sell (d)” rating on shares of New Fortress Energy in a research note on Monday, December 29th. Zacks Research cut New Fortress Energy from a “hold” rating to a “strong sell” rating in a research report on Monday, October 6th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, New Fortress Energy currently has a consensus rating of “Hold” and a consensus price target of $7.88.

New Fortress Energy Stock Up 9.1%

The company has a market capitalization of $527.84 million, a price-to-earnings ratio of -0.48 and a beta of 1.05. The company has a quick ratio of 0.15, a current ratio of 0.17 and a debt-to-equity ratio of 2.08. The business has a 50-day moving average price of $1.26 and a 200-day moving average price of $2.02.

New Fortress Energy (NASDAQ:NFE) last issued its quarterly earnings results on Thursday, January 1st. The company reported ($1.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.40). New Fortress Energy had a negative return on equity of 43.91% and a negative net margin of 72.92%.The company had revenue of $327.37 million during the quarter, compared to analysts’ expectations of $716.89 million. During the same period in the prior year, the business posted $0.03 EPS. The company’s revenue for the quarter was down 42.3% compared to the same quarter last year. As a group, equities analysts anticipate that New Fortress Energy LLC will post 0.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On New Fortress Energy

Several institutional investors and hedge funds have recently modified their holdings of NFE. IFP Advisors Inc raised its holdings in shares of New Fortress Energy by 166.3% during the second quarter. IFP Advisors Inc now owns 9,072 shares of the company’s stock worth $30,000 after acquiring an additional 5,665 shares in the last quarter. Apollon Wealth Management LLC acquired a new position in New Fortress Energy in the 2nd quarter worth about $33,000. MQS Management LLC purchased a new stake in shares of New Fortress Energy during the 2nd quarter worth about $33,000. Osaic Holdings Inc. raised its position in New Fortress Energy by 244.7% during the second quarter. Osaic Holdings Inc. now owns 11,566 shares of the company’s stock valued at $39,000 after acquiring an additional 8,211 shares in the last quarter. Finally, Savant Capital LLC acquired a new stake in New Fortress Energy in the third quarter valued at approximately $28,000. 58.61% of the stock is currently 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.