Fervo Energy (NASDAQ:FRVO) Shares Down 7.5% – Here’s What Happened

Fervo Energy Company (NASDAQ:FRVO) shares were down 7.5% during mid-day trading on Monday . The company traded as low as $15.57 and last traded at $15.65. 1,169,256 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 3,408,318 shares. The stock had previously closed at $16.92.

Analyst Ratings Changes

A number of research analysts have weighed in on FRVO shares. William Blair started coverage on shares of Fervo Energy in a research report on Monday, June 8th. They set an “outperform” rating and a $43.00 price objective on the stock. Royal Bank Of Canada restated an “outperform” rating and issued a $46.00 target price on shares of Fervo Energy in a report on Tuesday, June 23rd. JPMorgan Chase & Co. assumed coverage on shares of Fervo Energy in a research note on Monday, June 8th. They set an “overweight” rating and a $47.00 price target for the company. Jefferies Financial Group upgraded shares of Fervo Energy from a “hold” rating to a “buy” rating and cut their price target for the company from $41.00 to $34.00 in a report on Monday, July 20th. Finally, Roth Capital initiated coverage on shares of Fervo Energy in a research report on Thursday, June 11th. They issued a “buy” rating and a $45.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Fervo Energy currently has an average rating of “Moderate Buy” and an average target price of $44.00.

Fervo Energy Stock Performance

The business’s 50-day moving average price is $25.06.

Fervo Energy (NASDAQ:FRVO) last issued its earnings results on Wednesday, August 12th. The company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.29). The firm had revenue of $0.11 million for the quarter. On average, analysts anticipate that Fervo Energy Company will post -0.42 EPS for the current year.

Institutional Investors Weigh In On Fervo Energy

Several hedge funds have recently made changes to their positions in FRVO. AXQ Capital LP bought a new position in shares of Fervo Energy during the 2nd quarter worth $499,000. Ranger Investment Management L.P. bought a new stake in shares of Fervo Energy in the second quarter valued at about $1,455,000. Readystate Asset Management LP bought a new stake in shares of Fervo Energy in the second quarter valued at about $4,419,000. Resolute Advisors LLC bought a new stake in shares of Fervo Energy in the second quarter valued at about $5,285,000. Finally, Value Aligned Research Advisors LLC purchased a new stake in Fervo Energy in the second quarter worth about $63,155,000.

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.