Fervo Energy (NASDAQ:FRVO) Trading 7.3% Higher – Here’s Why

Fervo Energy Company (NASDAQ:FRVO) shares shot up 7.3% on Friday . The company traded as high as $18.58 and last traded at $18.41. 1,129,063 shares changed hands during trading, a decline of 73% from the average daily volume of 4,117,356 shares. The stock had previously closed at $17.16.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on FRVO shares. Wolfe Research began coverage on shares of Fervo Energy in a research note on Monday, June 8th. They issued a “peer perform” rating on the stock. Zacks Research raised shares of Fervo Energy to a “hold” rating in a research note on Tuesday, June 9th. HC Wainwright reiterated a “buy” rating on shares of Fervo Energy in a report on Wednesday, May 27th. UBS Group set a $48.00 price target on Fervo Energy in a report on Wednesday, June 24th. Finally, Robert W. Baird dropped their price objective on Fervo Energy from $50.00 to $35.00 and set an “outperform” rating on the stock in a research note on Thursday, August 13th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $44.00.

Fervo Energy Price Performance

The company’s fifty day moving average price is $22.58.

Fervo Energy (NASDAQ:FRVO) last released its quarterly earnings data 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 for the quarter. As a group, equities analysts forecast that Fervo Energy Company will post -0.42 EPS for the current fiscal year.

Institutional Investors Weigh In On Fervo Energy

Hedge funds have recently modified their holdings of the business. Corient Private Wealth LP bought a new position in shares of Fervo Energy during the second quarter valued at approximately $229,000. AXQ Capital LP bought a new position in Fervo Energy in the second quarter worth approximately $499,000. Ranger Investment Management L.P. bought a new position in Fervo Energy in the second quarter worth approximately $1,455,000. Readystate Asset Management LP purchased a new stake in Fervo Energy during the second quarter worth $4,419,000. Finally, Resolute Advisors LLC bought a new stake in Fervo Energy during the 2nd quarter valued at $5,285,000.

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.