Atom Investors LP Decreases Position in New Fortress Energy Inc. (NASDAQ:NFE)

Atom Investors LP trimmed its holdings in shares of New Fortress Energy Inc. (NASDAQ:NFE) by 20.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 122,484 shares of the company’s stock after selling 31,483 shares during the period. Atom Investors LP’s holdings in New Fortress Energy were worth $1,113,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Primecap Management Co. CA raised its stake in shares of New Fortress Energy by 43.7% during the third quarter. Primecap Management Co. CA now owns 11,532,105 shares of the company’s stock valued at $104,827,000 after acquiring an additional 3,505,975 shares during the last quarter. M&G Plc boosted its holdings in New Fortress Energy by 52.6% in the second quarter. M&G Plc now owns 2,537,712 shares of the company’s stock valued at $55,830,000 after acquiring an additional 874,210 shares in the last quarter. American Assets Capital Advisers LLC increased its position in New Fortress Energy by 105.7% during the 3rd quarter. American Assets Capital Advisers LLC now owns 1,555,767 shares of the company’s stock valued at $14,968,000 after purchasing an additional 799,280 shares during the period. William Blair Investment Management LLC raised its stake in New Fortress Energy by 7.1% in the second quarter. William Blair Investment Management LLC now owns 9,549,412 shares of the company’s stock worth $209,896,000 after buying an additional 633,170 shares in the last quarter. Finally, HITE Hedge Asset Management LLC lifted its holdings in New Fortress Energy by 24.1% in the second quarter. HITE Hedge Asset Management LLC now owns 3,192,129 shares of the company’s stock worth $70,163,000 after buying an additional 619,621 shares during the period. 58.61% of the stock is owned by institutional investors.

Insider Transactions at New Fortress Energy

In related news, CEO Wesley R. Edens purchased 5,793,742 shares of New Fortress Energy stock in a transaction dated Tuesday, October 1st. The stock was purchased at an average cost of $8.63 per share, for a total transaction of $49,999,993.46. Following the completion of the purchase, the chief executive officer now directly owns 35,721,915 shares of the company’s stock, valued at $308,280,126.45. The trade was a 19.36 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 37.10% of the company’s stock.

New Fortress Energy Price Performance

Shares of NASDAQ NFE opened at $10.55 on Wednesday. The company has a 50 day moving average of $9.26 and a 200 day moving average of $15.11. The company has a quick ratio of 0.35, a current ratio of 0.38 and a debt-to-equity ratio of 4.06. New Fortress Energy Inc. has a twelve month low of $7.82 and a twelve month high of $40.04. The firm has a market cap of $2.65 billion, a P/E ratio of 11.59 and a beta of 1.60.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Morgan Stanley lowered New Fortress Energy from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $35.00 to $15.00 in a research report on Thursday, October 3rd. BTIG Research decreased their target price on shares of New Fortress Energy from $35.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, September 13th. Deutsche Bank Aktiengesellschaft reissued a “sell” rating and issued a $7.60 price target (down from $21.00) on shares of New Fortress Energy in a research report on Tuesday, October 1st. Finally, Stifel Nicolaus reduced their price objective on New Fortress Energy from $40.00 to $17.00 and set a “buy” rating for the company in a research report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, New Fortress Energy has a consensus rating of “Hold” and an average target price of $19.77.

About New Fortress Energy

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.