Fervo Energy (NASDAQ:FRVO) Stock Price Down 12.5% – What’s Next?

Fervo Energy Company (NASDAQ:FRVO) traded down 12.5% on Thursday. The stock traded as low as $7.64 and last traded at $7.79. 9,542,698 shares traded hands during mid-day trading, an increase of 72% from the average session volume of 5,548,940 shares. The stock had previously closed at $8.90.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on FRVO. Weiss Ratings started coverage on Fervo Energy in a research report on Tuesday, August 18th. They issued a “sell (d)” rating on the stock. Northland Securities assumed coverage on Fervo Energy in a research note on Thursday, September 10th. They issued an “outperform” rating and a $27.00 price target for the company. Wolfe Research upgraded Fervo Energy from a “peer perform” rating to an “outperform” rating and set a $29.00 price target for the company in a research note on Friday, September 25th. Robert W. Baird lowered their price target on Fervo Energy from $50.00 to $35.00 and set an “outperform” rating on the stock in a research report on Thursday, August 13th. Finally, Sanford C. Bernstein reiterated an “outperform” rating and set a $47.00 price objective on shares of Fervo Energy in a research note on Friday, October 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $38.50.

Fervo Energy Trading Down 12.5%

The company has a quick ratio of 8.62, a current ratio of 8.62 and a debt-to-equity ratio of 0.08. The firm has a 50 day moving average price of $13.41. The stock has a market cap of $2.30 billion and a P/E ratio of -1.90.

Fervo Energy (NASDAQ:FRVO) last issued its earnings results on Wednesday, August 12th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.29). The company had revenue of $0.11 million for the quarter. As a group, equities research analysts predict that Fervo Energy Company will post -0.58 EPS for the current year.

Institutional Trading of Fervo Energy

A number of hedge funds have recently made changes to their positions in the business. Pictet Asset Management Holding SA bought a new position in shares of Fervo Energy in the third quarter valued at about $237,000. CenterBook Partners LP lifted its stake in shares of Fervo Energy by 549.5% during the 3rd quarter. CenterBook Partners LP now owns 259,191 shares of the company’s stock worth $3,522,000 after buying an additional 219,285 shares during the last quarter. SFE Investment Counsel boosted its holdings in shares of Fervo Energy by 111.3% during the 3rd quarter. SFE Investment Counsel now owns 47,458 shares of the company’s stock worth $645,000 after buying an additional 24,998 shares during the period. Everett Harris & Co. CA bought a new stake in shares of Fervo Energy during the 3rd quarter worth about $190,000. Finally, Robeco Schweiz AG grew its stake in Fervo Energy by 66.7% in the 3rd quarter. Robeco Schweiz AG now owns 3,282,928 shares of the company’s stock valued at $44,615,000 after buying an additional 1,313,704 shares during the last quarter.

Fervo Energy Company Profile

Fervo Energy is a geothermal energy company developing enhanced geothermal systems designed to generate electricity from heat found deep beneath the earth’s surface. The company applies techniques adapted from the oil and gas industry, including horizontal drilling and hydraulic stimulation, to create engineered geothermal reservoirs in areas where conventional geothermal resources may not be available.

Founded in 2017, Fervo combines advanced drilling, distributed fiber-optic sensing and reservoir engineering to evaluate and operate geothermal projects.