Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. New Fortress Energy Inc. shares valued at $13,583,304 were sold by NFE SMRS Holdings LLC on Apr 19. At $45.28 per share, NFE SMRS Holdings LLC sold 300,000 shares. The insider’s holdings dropped to 32,459,846 shares worth approximately $1.6 billion following the completion of this transaction.
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Also, NFE SMRS Holdings LLC sold 19,943 shares, netting a total of over 828,363 in proceeds. Following the sale of shares at $41.54 each, the insider now holds 32,759,846 shares.
Before that, NFE SMRS Holdings LLC had sold 280,057 shares from its account. In a trade valued at $11,655,972, the 10% Owner traded New Fortress Energy Inc. shares for $41.62 each. Upon closing the transaction, the insider’s holdings decreased to 280,057 shares, worth approximately $1.61 billion.
Analysts at Credit Suisse upgraded the stock from ‘”a Neutral”‘ to ‘”an Outperform”‘ outlook in a report released in mid August. Earlier on March 16, 2021, Stifel upgraded its rating. Their new recommendation was “a Buy” for NFE stock which previously was a “a Hold”.
Analyzing NFE’s Price Performance
On Thursday, New Fortress Energy Inc. [NASDAQ: NFE] plunged -1.07% to $49.23. The stock’s lowest price that day was $49.105, but it reached a high of $51.34 in the same session. During the last five days, there has been a surge of approximately 2.80%. Over the course of the year, New Fortress Energy Inc. shares have jumped approximately 103.94%. Shares of the company reached a 52-week high of $52.37 on 06/07/22 and a 52-week low of $19.17 on 01/24/22. A 50-day SMA is recorded $43.62, while a 200-day SMA reached $33.94. Nevertheless, trading volume fell to 1.6 million shares from 0.7 million shares the previous day.
Support And Resistance Levels for New Fortress Energy Inc. (NFE)
According to the 24-hour chart, there is a support level at 48.44, which, if violated, would cause prices to drop to 47.66. In the upper region, resistance lies at 50.68. The next price resistance is at 52.13. RSI (Relative Strength Index) is 66.26 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 3.50, which suggests the price will increase in the coming days. Percent R is at 19.63%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
Is New Fortress Energy Inc. subject to short interest?
Stocks of New Fortress Energy Inc. saw a sharp steep in short interest on Jul 14, 2022 dropping by -0.39 million shares to 4.56 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 4.95 million shares. A decline of -8.55% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 4.8 of the overall float, the days-to-cover ratio (short ratio) decline to 4.8.
Which companies own the most shares of New Fortress Energy Inc. (NFE)?
According to Great Mountain Partners LLC filings, the company currently owns 32,459,846 shares, which is about 15.64% of the total NFE shares outstanding. The investor’s shares have plunged by 0 from its previous 13-F filing of 32459846.0 shares. With the completion of the buy transaction, Capital Research & Management Co’s stake is now worth $331,600,992. The Vanguard Group, Inc. reduced a -0.19% interest valued at $227.43 million while William Blair Investment Manageme sold a -100,073 stake. A total of 158,769 shares of New Fortress Energy Inc. were sold by Federated Global Investment Manag during the quarter, and 1,541,492 were bought by Encompass Capital Advisors LLC. In its current portfolio, Rubric Capital Management LP holds 1,635,704 shares valued at $64.72 million.
In terms of New Fortress Energy Inc. share price expectations, FactSet research, analysts set an average price target of $56.88 in the next 12 months, up nearly 14.55% from the previous closing price of $49.76. Analysts anticipate New Fortress Energy Inc. stock to reach $67.00 by 2022, with the lowest price target being $47.00. In spite of this, 8 analysts ranked New Fortress Energy Inc. stock as an Overweight at the end of 2022. On October 30, 2020, Citigroup assigned a price target of “a Neutral” to the stock and downgraded coverage with a $40.