Fervo Energy (NASDAQ:FRVO) Stock Price Down 8.7% – Here’s What Happened

Fervo Energy Company (NASDAQ:FRVO) traded down 8.7% on Wednesday. The company traded as low as $10.86 and last traded at $10.94. 7,426,868 shares were traded during trading, an increase of 48% from the average daily volume of 5,010,972 shares. The stock had previously closed at $11.98.

Analysts Set New Price Targets

Several brokerages recently commented on FRVO. Robert W. Baird decreased their price target 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. Sanford C. Bernstein reiterated an “outperform” rating and set a $47.00 target price on shares of Fervo Energy in a research report on Friday, October 2nd. Wolfe Research set a $29.00 price target on shares of Fervo Energy and gave the company an “outperform” rating in a report on Friday, September 25th. Jefferies Financial Group raised shares of Fervo Energy from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $41.00 to $34.00 in a research note on Monday, July 20th. Finally, Morgan Stanley raised shares of Fervo Energy to an “overweight” rating in a research note on Tuesday, September 1st. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $40.87.

Fervo Energy Price Performance

The company has a debt-to-equity ratio of 0.08, a current ratio of 8.62 and a quick ratio of 8.62. The company has a market capitalization of $3.22 billion and a price-to-earnings ratio of -2.67. The firm’s 50 day moving average is $16.89.

Fervo Energy (NASDAQ:FRVO) last released its earnings results on Wednesday, August 12th. The company reported ($0.38) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.29). The firm had revenue of $0.11 million during the quarter. On average, research analysts anticipate that Fervo Energy Company will post -0.54 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Value Aligned Research Advisors LLC bought a new position in Fervo Energy during the second quarter worth about $63,155,000. Squarepoint Ops LLC bought a new position in Fervo Energy during the 2nd quarter worth approximately $12,423,000. State Street Corp acquired a new position in Fervo Energy during the second quarter valued at approximately $10,028,000. Readystate Asset Management LP bought a new stake in Fervo Energy in the second quarter valued at approximately $4,419,000. Finally, Wellington Management Group LLP acquired a new stake in Fervo Energy in the second quarter worth $129,600,000.

Fervo Energy Company Profile

Fervo Energy is a geothermal energy company focused on developing enhanced geothermal systems (EGS), which use horizontal drilling and hydraulic stimulation techniques to access heat in underground rock and produce electricity. Its approach is designed to expand geothermal generation beyond locations with naturally occurring conventional geothermal resources.

The company develops geothermal projects, including Project Red in northern Nevada and the larger Cape Station project in southwestern Utah.