Short Interest in New Fortress Energy LLC (NASDAQ:NFE) Declines By 17.1%

New Fortress Energy LLC (NASDAQ:NFE) was the target of a large drop in short interest in January. As of January 30th, there was short interest totaling 55,672,662 shares, a drop of 17.1% from the January 15th total of 67,184,041 shares. Currently, 27.7% of the shares of the stock are short sold. Based on an average trading volume of 17,289,027 shares, the short-interest ratio is currently 3.2 days. Based on an average trading volume of 17,289,027 shares, the short-interest ratio is currently 3.2 days. Currently, 27.7% of the shares of the stock are short sold.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC acquired a new stake in shares of New Fortress Energy in the first quarter valued at about $390,000. Goldman Sachs Group Inc. boosted its holdings in New Fortress Energy by 133.4% in the first quarter. Goldman Sachs Group Inc. now owns 865,826 shares of the company’s stock valued at $7,195,000 after acquiring an additional 494,848 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in New Fortress Energy by 42.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 280,706 shares of the company’s stock valued at $2,333,000 after purchasing an additional 83,279 shares during the period. IFP Advisors Inc increased its position in New Fortress Energy by 166.3% during the 2nd quarter. IFP Advisors Inc now owns 9,072 shares of the company’s stock valued at $30,000 after purchasing an additional 5,665 shares during the period. Finally, Apollon Wealth Management LLC bought a new position in New Fortress Energy during the 2nd quarter worth approximately $33,000. 58.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on NFE shares. Weiss Ratings restated a “sell (d)” rating on shares of New Fortress Energy in a research note on Monday, December 29th. Zacks Research upgraded New Fortress Energy from a “strong sell” rating to a “hold” rating in a research report on Friday, January 23rd. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, New Fortress Energy presently has an average rating of “Hold” and a consensus price target of $7.88.

New Fortress Energy Trading Up 1.7%

Shares of NASDAQ:NFE traded up $0.02 during midday trading on Monday, hitting $1.22. 4,035,568 shares of the stock were exchanged, compared to its average volume of 11,151,184. The business’s 50-day moving average price is $1.28 and its 200 day moving average price is $1.70. The company has a debt-to-equity ratio of 2.08, a quick ratio of 0.15 and a current ratio of 0.17. New Fortress Energy has a 12 month low of $0.98 and a 12 month high of $12.79. The stock has a market capitalization of $347.15 million, a price-to-earnings ratio of -0.32 and a beta of 1.03.

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

About New Fortress Energy

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.