New Fortress Energy Inc. (NASDAQ:NFE) Short Interest Up 22.7% in March

New Fortress Energy Inc. (NASDAQ:NFE) saw a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 38,830,000 shares, an increase of 22.7% from the February 28th total of 31,650,000 shares. Based on an average daily trading volume, of 5,090,000 shares, the days-to-cover ratio is currently 7.6 days. Currently, 21.8% of the company’s shares are short sold.

New Fortress Energy Stock Down 16.3 %

NASDAQ NFE traded down $1.40 during trading on Thursday, reaching $7.17. The company’s stock had a trading volume of 3,353,084 shares, compared to its average volume of 4,316,146. The company has a current ratio of 0.38, a quick ratio of 0.35 and a debt-to-equity ratio of 4.06. The stock has a market capitalization of $1.96 billion, a PE ratio of 7.88 and a beta of 1.58. New Fortress Energy has a 1-year low of $7.06 and a 1-year high of $30.71. The business has a 50-day moving average price of $11.38 and a 200-day moving average price of $11.28.

New Fortress Energy (NASDAQ:NFE) last announced its quarterly earnings results on Monday, March 3rd. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.07. The company had revenue of $679.00 million during the quarter, compared to analysts’ expectations of $613.24 million. New Fortress Energy had a return on equity of 15.60% and a net margin of 7.84%. On average, research analysts forecast that New Fortress Energy will post 0.36 earnings per share for the current fiscal year.

Insider Transactions at New Fortress Energy

In other news, CFO Christopher S. Guinta purchased 5,000 shares of New Fortress Energy stock in a transaction that occurred on Thursday, March 13th. The stock was acquired at an average price of $8.57 per share, for a total transaction of $42,850.00. Following the transaction, the chief financial officer now owns 206,653 shares in the company, valued at $1,771,016.21. The trade was a 2.48 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 37.10% of the stock is currently owned by insiders.

Institutional Trading of New Fortress Energy

Hedge funds and other institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. lifted its position in New Fortress Energy by 2.0% in the fourth quarter. JPMorgan Chase & Co. now owns 48,250 shares of the company’s stock worth $730,000 after purchasing an additional 935 shares during the period. US Bancorp DE boosted its stake in New Fortress Energy by 31.5% in the 4th 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. Allworth Financial LP grew its position in New Fortress Energy by 2,156.0% in the fourth quarter. Allworth Financial LP now owns 2,053 shares of the company’s stock valued at $32,000 after acquiring an additional 1,962 shares during the period. GAMMA Investing LLC boosted its stake in shares of New Fortress Energy by 148.5% in the 4th quarter. GAMMA Investing LLC now owns 3,966 shares of the company’s stock valued at $60,000 after purchasing an additional 2,370 shares in the last quarter. Finally, Deutsche Bank AG increased its position in shares of New Fortress Energy by 3.0% during the 4th quarter. Deutsche Bank AG now owns 85,206 shares of the company’s stock worth $1,288,000 after purchasing an additional 2,463 shares in the last quarter. 58.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NFE has been the topic of several recent analyst reports. Stifel Nicolaus dropped their price target on New Fortress Energy from $23.00 to $19.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft set a $8.00 price target on shares of New Fortress Energy in a report on Wednesday, March 12th. Finally, Morgan Stanley dropped their price objective on shares of New Fortress Energy from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $15.00.

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.