New Fortress Energy Inc. [NASDAQ: NFE] stock went on a downward path that fall over -8.07% on Thursday, amounting to a one-week price decrease of less than -1.07%. The company report on December 14, 2022 that New Fortress Energy Inc. Announces Pricing of Secondary Offering of Common Stock.
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New Fortress Energy Inc. (NASDAQ: NFE) (the “Company”) announced today the pricing of the previously announced secondary public offering of 6,900,000 shares of its common stock by Energy Transition Holdings LLC (the “Selling Stockholder”), an entity managed by Great Mountain Partners LLC, at a price to the public of $46.00 per share. The 6,900,000 shares of common stock being sold in this offering represent approximately 3.3% of the Company’s outstanding common stock as of the close of business on December 13, 2022 and represent 21.3% of the shares held by the Selling Stockholder in the Company as of that date. The Company will not receive any proceeds from the sale of the shares by the Selling Stockholder. The offering is expected to close on December 19, 2022, subject to customary closing conditions.
J.P. Morgan is acting as the sole underwriter for the offering.
Over the last 12 months, NFE stock rose by 100.96%. The one-year New Fortress Energy Inc. stock forecast points to a potential upside of 35.18. The average equity rating for NFE stock is currently 1.90, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $9.67 billion, with 209.63 million shares outstanding and 97.43 million shares in the current float. Compared to the average trading volume of 1.27M shares, NFE stock reached a trading volume of 7201069 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on New Fortress Energy Inc. [NFE]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for NFE shares is $69.33 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on NFE stock is a recommendation set at 1.90. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Jefferies have made an estimate for New Fortress Energy Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on October 19, 2022. The new note on the price target was released on September 09, 2022, representing the official price target for New Fortress Energy Inc. stock. Previously, the target price had yet another raise to $56, while Citigroup analysts kept a Buy rating on NFE stock. On August 19, 2021, analysts decreased their price target for NFE shares from 50 to 34.
The Average True Range (ATR) for New Fortress Energy Inc. is set at 2.91, with the Price to Sales ratio for NFE stock in the period of the last 12 months amounting to 3.91. The Price to Book ratio for the last quarter was 5.10, with the Price to Cash per share for the same quarter was set at 1.69.
NFE Stock Performance Analysis:
New Fortress Energy Inc. [NFE] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.07. With this latest performance, NFE shares dropped by -8.87% in over the last four-week period, additionally plugging by 13.36% over the last 6 months – not to mention a rise of 100.96% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for NFE stock in for the last two-week period is set at 41.56, with the RSI for the last a single of trading hit 39.83, and the three-weeks RSI is set at 43.13 for New Fortress Energy Inc. [NFE]. The present Moving Average for the last 50 days of trading for this stock 49.49, while it was recorded at 46.28 for the last single week of trading, and 46.06 for the last 200 days.
Insight into New Fortress Energy Inc. Fundamentals:
New Fortress Energy Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.70 and a Current Ratio set at 1.80.
New Fortress Energy Inc. [NFE] Insider Position Details
There are presently around $4,256 million, or 48.20% of NFE stock, in the hands of institutional investors. The top three institutional holders of NFE stocks are: GREAT MOUNTAIN PARTNERS LLC with ownership of 32,459,846, which is approximately 0% of the company’s market cap and around 0.20% of the total institutional ownership; FORTRESS INVESTMENT GROUP LLC, holding 13,399,317 shares of the stock with an approximate value of $602.1 million in NFE stocks shares; and CAPITAL WORLD INVESTORS, currently with $509.96 million in NFE stock with ownership of nearly -19.825% of the company’s market capitalization.
148 institutional holders increased their position in New Fortress Energy Inc. [NASDAQ:NFE] by around 6,398,756 shares. Additionally, 99 investors decreased positions by around 7,004,391 shares, while 23 investors held positions by with 81,305,528 shares. The mentioned changes placed institutional holdings at 94,708,675 shares, according to the latest SEC report filing. NFE stock had 62 new institutional investments in for a total of 3,783,323 shares, while 34 institutional investors sold positions of 1,175,712 shares during the same period.