Fervo Energy (NASDAQ:FRVO) Shares Gap Up – Here’s What Happened

Fervo Energy Company (NASDAQ:FRVO)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $16.35, but opened at $18.49. Fervo Energy shares last traded at $17.39, with a volume of 3,255,479 shares changing hands.

Analysts Set New Price Targets

FRVO has been the topic of a number of research analyst reports. Northland Securities started coverage on Fervo Energy in a research note on Thursday, September 10th. They issued an “outperform” rating and a $27.00 price target on the stock. Roth Capital assumed coverage on shares of Fervo Energy in a research note on Thursday, June 11th. They set a “buy” rating and a $45.00 price objective for the company. Barclays increased their price objective on shares of Fervo Energy from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, June 24th. JPMorgan Chase & Co. assumed coverage on shares of Fervo Energy in a research report on Monday, June 8th. They issued an “overweight” rating and a $47.00 target price on the stock. Finally, Robert W. Baird lowered 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. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $42.14.

Fervo Energy Price Performance

The company has a fifty day simple moving average of $19.57.

Fervo Energy (NASDAQ:FRVO) last issued its earnings results on Wednesday, August 12th. The company reported ($0.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.29). The company had revenue of $0.11 million during the quarter. Research analysts forecast that Fervo Energy Company will post -0.48 EPS for the current year.

Institutional Trading of Fervo Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Corient Private Wealth LP acquired a new position in Fervo Energy during the second quarter valued at approximately $229,000. Engineers Gate Manager LP purchased a new stake in shares of Fervo Energy in the second quarter worth about $272,000. AXQ Capital LP acquired a new stake in shares of Fervo Energy in the second quarter valued at about $499,000. NewEdge Advisors LLC purchased a new stake in shares of Fervo Energy during the 2nd quarter valued at about $1,245,000. Finally, Ranger Investment Management L.P. acquired a new position in Fervo Energy during the 2nd quarter worth approximately $1,455,000.

Fervo Energy Company Profile

Fervo Energy is a geothermal energy company developing enhanced geothermal systems (EGS) designed to produce electricity from heat found deep underground. Its approach applies horizontal drilling, hydraulic stimulation and oil-and-gas well technologies to access geothermal resources in locations that may not have naturally permeable reservoirs.

The company develops geothermal projects and related drilling and reservoir-engineering technologies for utility-scale power generation. Fervo’s Project Red demonstration in northern Nevada has been used to validate its EGS approach, while the company is developing the larger Cape Station project in southwestern Utah.

Fervo Energy was founded in 2017 by Tim Latimer and Jamie Beard.