Fervo Energy (NASDAQ:FRVO) Shares Down 6.4% – What’s Next?

Shares of Fervo Energy Company (NASDAQ:FRVO) dropped 6.4% during mid-day trading on Monday . The stock traded as low as $18.03 and last traded at $18.50. Approximately 489,546 shares changed hands during trading, a decline of 85% from the average daily volume of 3,314,784 shares. The stock had previously closed at $19.76.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $46.00 target price on shares of Fervo Energy in a research report on Tuesday, June 23rd. Sanford C. Bernstein started coverage on Fervo Energy in a research note on Tuesday, June 23rd. They issued an “outperform” rating and a $47.00 price target for the company. Bank of America raised Fervo Energy from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $40.00 to $36.00 in a report on Friday, July 17th. Wall Street Zen raised Fervo Energy from a “strong sell” rating to a “sell” rating in a report on Monday, July 20th. Finally, Robert W. Baird reduced their target price on shares of Fervo Energy from $50.00 to $35.00 and set an “outperform” rating for the company in a research report on Thursday, August 13th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $44.00.

Fervo Energy Stock Performance

The company has a fifty day moving average of $26.83.

Fervo Energy (NASDAQ:FRVO) last issued its quarterly 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 during the quarter. On average, equities analysts predict that Fervo Energy Company will post -0.42 EPS for the current fiscal year.

Institutional Trading of Fervo Energy

An institutional investor recently bought a new stake in Fervo Energy stock. Ranger Investment Management L.P. purchased a new position in Fervo Energy Company (NASDAQ:FRVO) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 49,772 shares of the company’s stock, valued at approximately $1,455,000.

About Fervo Energy

Fervo Energy Company is a geothermal energy developer, builds, owns and operates geothermal power facilities. Fervo Energy Company is based in Houston, Texas.