New Fortress Energy LLC (NASDAQ:NFE) saw a significant increase in short interest in the month of July. As of July 31st, there was short interest totalling 698,100 shares, an increase of 24.9% from the June 30th total of 559,100 shares. Based on an average daily trading volume, of 118,000 shares, the days-to-cover ratio is presently 5.9 days. Approximately 5.2% of the company’s shares are short sold.
Shares of NASDAQ NFE traded up $0.33 during mid-day trading on Wednesday, reaching $14.23. 1,515,500 shares of the company’s stock traded hands, compared to its average volume of 189,533. The business has a 50-day moving average of $11.89. New Fortress Energy has a 1-year low of $8.90 and a 1-year high of $16.11.
New Fortress Energy (NASDAQ:NFE) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.02). The firm had revenue of $39.77 million for the quarter, compared to analysts’ expectations of $42.91 million. On average, research analysts forecast that New Fortress Energy will post -0.87 EPS for the current year.
In related news, Director David J. Grain purchased 28,365 shares of New Fortress Energy stock in a transaction on Monday, May 20th. The stock was acquired at an average cost of $12.65 per share, for a total transaction of $358,817.25. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Katherine Wanner purchased 2,100 shares of New Fortress Energy stock in a transaction on Friday, May 17th. The stock was bought at an average price of $12.15 per share, with a total value of $25,515.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 55,599 shares of company stock valued at $694,772.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Emerald Mutual Fund Advisers Trust bought a new stake in New Fortress Energy during the first quarter worth $9,129,000. Dean Capital Investments Management LLC bought a new stake in New Fortress Energy during the first quarter worth $536,000. Federated Investors Inc. PA bought a new stake in New Fortress Energy during the first quarter worth $13,194,000. Tortoise Index Solutions LLC bought a new stake in New Fortress Energy during the first quarter worth $257,000. Finally, State Treasurer State of Michigan bought a new stake in New Fortress Energy during the second quarter worth $1,862,000. Hedge funds and other institutional investors own 6.69% of the company’s stock.
About New Fortress Energy
New Fortress Energy LLC operates as an integrated gas-to-power company. The company's activities include natural gas procurement and liquefaction; provision of logistics and shipping services; development and operation of terminals; and conversion or development of natural gas-fired generation. It intends to serve power, transportation, and industrial users of natural gas and LNG.
Recommended Story: Why investors pay attention to retained earnings
Receive News & Ratings for New Fortress Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Fortress Energy and related companies with MarketBeat.com's FREE daily email newsletter.