Fervo Energy (NASDAQ:FRVO) Shares Down 4% – Here’s What Happened

Fervo Energy Company (NASDAQ:FRVO)’s stock price traded down 4% on Wednesday. The stock traded as low as $8.07 and last traded at $8.33. Approximately 5,988,624 shares traded hands during trading, an increase of 11% from the average daily volume of 5,415,162 shares. The stock had previously closed at $8.68.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on FRVO shares. Robert W. Baird cut their price objective on shares of Fervo Energy from $50.00 to $35.00 and set an “outperform” rating on the stock in a report on Thursday, August 13th. Bank of America lowered their target price on shares of Fervo Energy from $36.00 to $30.00 and set a “buy” rating for the company in a report on Friday, September 25th. Wall Street Zen raised shares of Fervo Energy from a “strong sell” rating to a “sell” rating in a research report on Monday, July 20th. Johnson Rice started coverage on shares of Fervo Energy in a report on Wednesday, September 23rd. They set a “buy” rating and a $35.00 price target on the stock. Finally, Wolfe Research set a $29.00 price objective on shares of Fervo Energy and gave the stock an “outperform” rating in a research report on Friday, September 25th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $39.53.

Fervo Energy Stock Down 4.0%

The firm’s 50-day moving average is $14.40. The firm has a market capitalization of $2.46 billion and a P/E ratio of -2.03. The company has a debt-to-equity ratio of 0.08, a current ratio of 8.62 and a quick ratio of 8.62.

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

Hedge Funds Weigh In On Fervo Energy

Institutional investors have recently added to or reduced their stakes in the stock. Sterling Capital Management LLC bought a new position in Fervo Energy during the third quarter valued at about $27,000. Signaturefd LLC boosted its stake in Fervo Energy by 175.0% in the third quarter. Signaturefd LLC now owns 2,200 shares of the company’s stock valued at $30,000 after acquiring an additional 1,400 shares during the last quarter. SBI Securities Co. Ltd. boosted its stake in Fervo Energy by 387.3% in the third quarter. SBI Securities Co. Ltd. now owns 4,512 shares of the company’s stock valued at $61,000 after acquiring an additional 3,586 shares during the last quarter. Sax Wealth Advisors LLC bought a new position in shares of Fervo Energy during the 3rd quarter valued at approximately $154,000. Finally, Everett Harris & Co. CA bought a new position in shares of Fervo Energy during the 3rd quarter valued at approximately $190,000.

About Fervo Energy

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.