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

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

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Bank of America lowered their price target on shares of Fervo Energy from $36.00 to $30.00 and set a “buy” rating on the stock in a research 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 target for the stock from $41.00 to $34.00 in a report on Monday, July 20th. Weiss Ratings started coverage on shares of Fervo Energy in a research report on Tuesday, August 18th. They issued a “sell (d)” rating on the stock. Robert W. Baird reduced their target price 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. Finally, Morgan Stanley began coverage on Fervo Energy in a research note on Thursday. They issued an “overweight” rating and a $23.00 target price for the company. Two 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 issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $38.50.

Fervo Energy Price Performance

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 business’s 50-day simple moving average is $14.03. The stock has a market capitalization of $2.44 billion and a price-to-earnings ratio of -2.02.

Fervo Energy (NASDAQ:FRVO) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.29). The firm had revenue of $0.11 million during the quarter. Sell-side analysts forecast that Fervo Energy Company will post -0.54 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Signaturefd LLC grew its position in Fervo Energy by 175.0% during the third quarter. Signaturefd LLC now owns 2,200 shares of the company’s stock valued at $30,000 after buying an additional 1,400 shares during the period. Sterling Capital Management LLC purchased a new position in Fervo Energy in the third quarter worth about $27,000. SBI Securities Co. Ltd. raised its position in Fervo Energy by 387.3% during the third quarter. SBI Securities Co. Ltd. now owns 4,512 shares of the company’s stock valued at $61,000 after purchasing an additional 3,586 shares during the period. Corient Private Wealth LP bought a new position in shares of Fervo Energy during the 2nd quarter valued at approximately $229,000. Finally, Engineers Gate Manager LP purchased a new position in Fervo Energy during the second quarter worth $272,000.

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.