New Fortress Energy LLC (NASDAQ:NFE) Stock Short Interest Declines 97.4%

New Fortress Energy LLC (NASDAQ:NFE) was the recipient of a significant drop in short interest in September. As of September 15th, there was short interest totaling 770,814 shares, a drop of 97.4% from the August 31st total of 29,344,221 shares. Approximately 19.1% of the shares of the stock are short sold. Based on an average daily volume of 188,590 shares, the short-interest ratio is presently 4.1 days.

Institutional Investors Weigh In On New Fortress Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NFE. J. Derek Lewis & Associates Inc. purchased a new position in shares of New Fortress Energy in the 4th quarter worth approximately $29,000. X Square Capital LLC bought a new position in shares of New Fortress Energy during the 2nd quarter valued at approximately $33,000. Primecap Management Co. CA purchased a new stake in New Fortress Energy during the 2nd quarter valued at $33,000. Apollon Wealth Management LLC purchased a new stake in New Fortress Energy during the 1st quarter valued at $35,000. Finally, Leonteq Securities AG bought a new stake in New Fortress Energy in the fourth quarter worth $37,000. 58.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of New Fortress Energy in a research report on Friday, July 17th. Wall Street Zen upgraded New Fortress Energy to a “hold” rating in a report on Saturday, September 19th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce”.

New Fortress Energy Price Performance

Shares of New Fortress Energy stock traded down $0.30 during trading hours on Thursday, reaching $6.10. The company’s stock had a trading volume of 965,326 shares, compared to its average volume of 340,666. The firm has a 50 day moving average price of $14.43 and a 200-day moving average price of $24.94. New Fortress Energy has a one year low of $5.81 and a one year high of $133.00. The company has a debt-to-equity ratio of 3.57, a current ratio of 0.16 and a quick ratio of 0.15. The stock has a market cap of $34.83 million, a P/E ratio of -0.05 and a beta of 1.35.

New Fortress Energy (NASDAQ:NFE) last announced its earnings results on Thursday, August 6th. The company reported ($1.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($10.50) by $9.20. New Fortress Energy had a negative net margin of 149.40% and a negative return on equity of 795.34%. The firm had revenue of $312.50 million for the quarter, compared to analysts’ expectations of $511.60 million. On average, analysts predict that New Fortress Energy will post -4.19 EPS for the current year.

New Fortress Energy Company Profile

New Fortress Energy Inc (NASDAQ:NFE) is an energy infrastructure company that develops, owns and operates natural gas and liquefied natural gas (LNG) facilities. Its activities span the LNG value chain, including natural gas procurement, liquefaction, transportation, storage, regasification and delivery to customers.

The company provides LNG and natural gas through a network of terminals, pipelines, floating storage and regasification units, and related infrastructure. It also develops and operates gas-fired power generation facilities, supplying electricity and fuel to utilities, commercial and industrial customers, and other users seeking alternatives to more carbon-intensive energy sources.

Founded in 2014, New Fortress Energy has developed projects in the United States, the Caribbean and Latin America, including infrastructure serving markets such as Puerto Rico, Jamaica, Mexico and Brazil.