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

New Fortress Energy LLC (NASDAQ:NFE) saw a large drop in short interest during the month of 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. Based on an average daily volume of 188,590 shares, the short-interest ratio is presently 4.1 days. Currently, 19.1% of the company’s shares are short sold.

Hedge Funds Weigh In On New Fortress Energy

Hedge funds have recently modified their holdings of the company. Wealthfront Advisers LLC grew its holdings in New Fortress Energy by 7.3% during the 1st quarter. Wealthfront Advisers LLC now owns 195,946 shares of the company’s stock valued at $116,000 after buying an additional 13,343 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of New Fortress Energy by 3.1% in the first quarter. Bank of New York Mellon Corp now owns 556,407 shares of the company’s stock worth $328,000 after buying an additional 16,991 shares in the last quarter. J. Derek Lewis & Associates Inc. purchased a new position in shares of New Fortress Energy in the fourth quarter worth $29,000. Leonteq Securities AG bought a new position in shares of New Fortress Energy during the fourth quarter worth $37,000. Finally, Fortitude Advisory Group L.L.C. bought a new position in shares of New Fortress Energy during the fourth quarter worth $57,000. Hedge funds and other institutional investors own 58.61% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on NFE shares. Weiss Ratings reissued a “sell (e+)” rating on shares of New Fortress Energy in a research note on Friday, July 17th. Wall Street Zen raised New Fortress Energy to a “hold” rating in a research note on Saturday, September 19th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Reduce”.

New Fortress Energy Trading Down 4.7%

NFE stock traded down $0.30 during midday trading on Thursday, hitting $6.10. The company had a trading volume of 965,326 shares, compared to its average volume of 340,666. The stock has a market cap of $34.83 million, a price-to-earnings ratio of -0.05 and a beta of 1.35. New Fortress Energy has a 52 week low of $5.81 and a 52 week high of $133.00. The company has a current ratio of 0.16, a quick ratio of 0.15 and a debt-to-equity ratio of 3.57. The stock’s 50 day moving average price is $14.43 and its 200 day moving average price is $24.94.

New Fortress Energy (NASDAQ:NFE) last issued its earnings results on Thursday, August 6th. The company reported ($1.30) earnings per share (EPS) for the quarter, topping 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. As a group, equities research analysts expect that New Fortress Energy will post -4.19 earnings per share for the current fiscal year.

About New Fortress Energy

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.