Fervo Energy (NASDAQ:FRVO) Stock Price Up 7.3% – Here’s Why

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

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Morgan Stanley raised Fervo Energy to an “overweight” rating in a research note on Tuesday. Zacks Research raised Fervo Energy to a “hold” rating in a research report on Tuesday, June 9th. HC Wainwright restated a “buy” rating on shares of Fervo Energy in a report on Wednesday, May 27th. JPMorgan Chase & Co. assumed coverage on Fervo Energy in a research report on Monday, June 8th. They issued an “overweight” rating and a $47.00 price target for the company. Finally, Roth Capital initiated coverage on Fervo Energy in a research report on Thursday, June 11th. They issued a “buy” rating and a $45.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $44.00.

Fervo Energy Stock Performance

The business has a 50 day moving average price of $22.58.

Fervo Energy (NASDAQ:FRVO) last announced 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 business had revenue of $0.11 million during the quarter. Equities analysts anticipate that Fervo Energy Company will post -0.42 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fervo Energy

A number of large investors have recently bought and sold shares of the business. Corient Private Wealth LP purchased a new stake in Fervo Energy in the second quarter worth $229,000. AXQ Capital LP bought a new stake in shares of Fervo Energy during the second quarter worth $499,000. Ranger Investment Management L.P. purchased a new stake in shares of Fervo Energy during the second quarter valued at $1,455,000. Readystate Asset Management LP purchased a new stake in shares of Fervo Energy during the second quarter valued at $4,419,000. Finally, Resolute Advisors LLC bought a new position in shares of Fervo Energy in the second quarter worth about $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.