Fervo Energy (NASDAQ:FRVO) Shares Down 8% – Here’s What Happened

Fervo Energy Company (NASDAQ:FRVO)’s stock price fell 8% on Friday. The stock traded as low as $8.06 and last traded at $8.27. Approximately 7,215,417 shares were traded during trading, an increase of 32% from the average session volume of 5,469,876 shares. The stock had previously closed at $8.99.

Wall Street Analyst Weigh In

FRVO has been the topic of a number of recent analyst reports. Weiss Ratings initiated coverage on shares of Fervo Energy in a research note on Tuesday, August 18th. They set a “sell (d)” rating on the stock. Morgan Stanley initiated coverage on Fervo Energy in a research report on Thursday. They issued an “overweight” rating and a $23.00 target price on the stock. Sanford C. Bernstein restated an “outperform” rating and set a $47.00 price objective on shares of Fervo Energy in a research report on Friday, October 2nd. Wall Street Zen upgraded Fervo Energy from a “strong sell” rating to a “sell” rating in a report on Monday, July 20th. 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 analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Fervo Energy has a consensus rating of “Moderate Buy” and a consensus price target of $38.50.

Fervo Energy Price Performance

The firm’s 50-day moving average is $14.03. The company has a debt-to-equity ratio of 0.08, a quick ratio of 8.62 and a current ratio of 8.62. The stock has a market capitalization of $2.44 billion and a price-to-earnings ratio of -2.02.

Fervo Energy (NASDAQ:FRVO) last released its earnings results on Wednesday, August 12th. The company reported ($0.38) earnings per share (EPS) 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, sell-side analysts forecast that Fervo Energy Company will post -0.54 earnings per share for the current year.

Institutional Investors Weigh In On Fervo Energy

Large investors have recently modified their holdings of the stock. Sterling Capital Management LLC purchased a new position in shares of Fervo Energy in the third quarter valued at $27,000. Signaturefd LLC grew its position in shares of Fervo Energy by 175.0% during the third quarter. Signaturefd LLC now owns 2,200 shares of the company’s stock worth $30,000 after buying an additional 1,400 shares in the last quarter. SBI Securities Co. Ltd. increased its stake in shares of Fervo Energy by 387.3% in the third quarter. SBI Securities Co. Ltd. now owns 4,512 shares of the company’s stock worth $61,000 after buying an additional 3,586 shares during the last quarter. Sax Wealth Advisors LLC acquired a new stake in Fervo Energy in the third quarter valued at $154,000. Finally, Everett Harris & Co. CA bought a new position in Fervo Energy during the 3rd quarter valued at $190,000.

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.