Fervo Energy (NASDAQ:FRVO) Stock Falls 6.9% – Here’s What Happened

by · The Cerbat Gem

Shares of Fervo Energy Company (NASDAQ:FRVO – Get Free Report) traded down 6.9% during trading on Tuesday. The company traded as low as $11.88 and last traded at $11.98. Approximately 11,137,878 shares traded hands during trading, an increase of 123% from the average daily volume of 4,987,726 shares. The stock had previously closed at $12.87.

Analyst Ratings Changes

FRVO has been the subject of a number of research reports. Royal Bank Of Canada reissued an “outperform” rating and issued a $46.00 price target on shares of Fervo Energy in a research report on Tuesday, June 23rd. Bank of America reduced their target price on shares of Fervo Energy from $36.00 to $30.00 and set a “buy” rating for the company in a research note on Friday, September 25th. Johnson Rice assumed coverage on Fervo Energy in a research note on Wednesday, September 23rd. They issued a “buy” rating and a $35.00 price target on the stock. Robert W. Baird dropped their target price on shares of Fervo Energy from $50.00 to $35.00 and set an “outperform” rating for the company in a report on Thursday, August 13th. Finally, Wolfe Research set a $29.00 price objective on Fervo Energy and gave the stock an “outperform” rating in a report on Friday, September 25th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Fervo Energy currently has an average rating of “Moderate Buy” and a consensus target price of $40.87.

View Our Latest Stock Analysis on FRVO

Fervo Energy Trading Down 6.9%

The firm has a 50 day moving average price of $17.10. The stock has a market capitalization of $3.53 billion and a P/E ratio of -2.92. The company has a quick ratio of 8.62, a current ratio of 8.62 and a debt-to-equity ratio of 0.08.

Fervo Energy (NASDAQ:FRVO – Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.29). The business had revenue of $0.11 million during the quarter. Sell-side analysts anticipate that Fervo Energy Company will post -0.54 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FRVO. Wellington Management Group LLP purchased a new stake in shares of Fervo Energy during the 2nd quarter worth about $129,600,000. Value Aligned Research Advisors LLC purchased a new position in Fervo Energy in the 2nd quarter valued at about $63,155,000. Squarepoint Ops LLC acquired a new stake in Fervo Energy during the 2nd quarter valued at approximately $12,423,000. State Street Corp acquired a new stake in shares of Fervo Energy during the second quarter worth approximately $10,028,000. Finally, Resolute Advisors LLC acquired a new position in Fervo Energy during the 2nd quarter worth $5,285,000.

Fervo Energy Company Profile

(Get Free Report)

Fervo Energy is a geothermal energy company focused on developing enhanced geothermal systems (EGS), which use horizontal drilling and hydraulic stimulation techniques to access heat in underground rock and produce electricity. Its approach is designed to expand geothermal generation beyond locations with naturally occurring conventional geothermal resources.

The company develops geothermal projects, including Project Red in northern Nevada and the larger Cape Station project in southwestern Utah.

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