New Fortress Energy LLC (NASDAQ:NFE) Sees Significant Growth in Short Interest
New Fortress Energy LLC (NASDAQ:NFE) was the recipient of a large increase in short interest during the month of July. As of July 15th, there was short interest totalling 559,100 shares, an increase of 6.1% from the June 15th total of 526,900 shares. Approximately 4.2% of the shares of the stock are short sold. Based on an average daily volume of 107,000 shares, the days-to-cover ratio is presently 5.2 days.
In related news, Director David J. Grain bought 10,000 shares of the business’s stock in a transaction on Friday, May 31st. The stock was acquired at an average cost of $11.40 per share, with a total value of $114,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David J. Grain bought 28,365 shares of the business’s stock in a transaction on Monday, May 20th. The stock was bought at an average cost of $12.65 per share, with a total value of $358,817.25. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 55,599 shares of company stock valued at $694,772.
Hedge funds have recently bought and sold shares of the stock. Tortoise Index Solutions LLC purchased a new stake in New Fortress Energy during the first quarter worth approximately $257,000. Dean Capital Investments Management LLC purchased a new stake in New Fortress Energy during the first quarter worth approximately $536,000. State Treasurer State of Michigan purchased a new stake in New Fortress Energy during the second quarter worth approximately $1,862,000. Emerald Mutual Fund Advisers Trust acquired a new position in New Fortress Energy during the first quarter worth approximately $9,129,000. Finally, Federated Investors Inc. PA acquired a new position in New Fortress Energy during the first quarter worth approximately $13,194,000. Hedge funds and other institutional investors own 6.57% of the company’s stock.
Shares of NFE traded down $0.51 during midday trading on Monday, hitting $11.75. The company had a trading volume of 94,252 shares, compared to its average volume of 179,696. The company has a 50-day moving average price of $11.35. 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 announced its quarterly earnings data on Wednesday, May 15th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.73). The firm had revenue of $29.95 million during the quarter, compared to analyst estimates of $50.71 million. Research analysts forecast that New Fortress Energy will post -0.87 EPS for the current fiscal year.
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.
See Also: Economic Reports
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.