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

New Fortress Energy Inc. (NASDAQ:NFE) was the recipient of a large 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 volume of 5,090,000 shares, the short-interest ratio is currently 7.6 days. Approximately 21.8% of the shares of the company are short sold.

Wall Street Analyst Weigh In

NFE has been the topic of a number of research reports. Morgan Stanley lowered their price objective on New Fortress Energy from $15.00 to $14.00 and set an “equal weight” 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, Stifel Nicolaus reduced their price objective on shares of New Fortress Energy from $23.00 to $19.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $15.00.

Insider Buying and Selling at New Fortress Energy

In other news, CFO Christopher S. Guinta purchased 5,000 shares of the stock in a transaction that occurred on Thursday, March 13th. The shares were purchased at an average cost of $8.57 per share, for a total transaction of $42,850.00. Following the completion of the purchase, the chief financial officer now directly owns 206,653 shares of the company’s stock, valued at approximately $1,771,016.21. The trade was a 2.48 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 37.10% of the company’s stock.

Hedge Funds Weigh In On New Fortress Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Stifel Financial Corp bought a new position in shares of New Fortress Energy in the third quarter valued at approximately $990,000. Redwood Wealth Management Group LLC bought a new position in New Fortress Energy in the 4th quarter valued at $749,000. Y Intercept Hong Kong Ltd acquired a new position in New Fortress Energy in the fourth quarter worth $1,252,000. Brandywine Global Investment Management LLC bought a new stake in shares of New Fortress Energy during the fourth quarter worth $19,618,000. Finally, Swiss National Bank grew its holdings in shares of New Fortress Energy by 63.5% during the fourth quarter. Swiss National Bank now owns 198,200 shares of the company’s stock worth $2,997,000 after purchasing an additional 77,000 shares during the last quarter. 58.61% of the stock is currently owned by institutional investors and hedge funds.

New Fortress Energy Price Performance

NFE stock traded down $0.73 during trading on Tuesday, hitting $7.58. The company had a trading volume of 13,937,708 shares, compared to its average volume of 4,283,442. The company has a fifty day moving average price of $11.52 and a two-hundred day moving average price of $11.30. New Fortress Energy has a fifty-two week low of $7.21 and a fifty-two week high of $30.71. The company has a market cap of $2.08 billion, a P/E ratio of 8.33 and a beta of 1.58. The company has a current ratio of 0.38, a quick ratio of 0.35 and a debt-to-equity ratio of 4.06.

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

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.