Fervo Energy (NASDAQ:FRVO) Shares Down 7.5% – Time to Sell?

Fervo Energy Company (NASDAQ:FRVO) was down 7.5% on Monday . The stock traded as low as $15.57 and last traded at $15.65. 1,169,256 shares traded hands during trading, a decline of 66% from the average daily volume of 3,408,318 shares. The stock had previously closed at $16.92.

Wall Street Analyst Weigh In

A number of analysts have issued reports on FRVO shares. Jefferies Financial Group raised 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 research note on Monday, July 20th. Weiss Ratings assumed coverage on shares of Fervo Energy in a research report on Tuesday, August 18th. They issued a “sell (d)” rating on the stock. Bank of America upgraded shares of Fervo Energy from a “neutral” rating to a “buy” rating and lowered their target price for the company from $40.00 to $36.00 in a report on Friday, July 17th. Piper Sandler reaffirmed an “overweight” rating on shares of Fervo Energy in a research report on Tuesday, June 23rd. Finally, HC Wainwright reaffirmed a “buy” rating on shares of Fervo Energy in a research note on Wednesday, May 27th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $44.00.

Fervo Energy Stock Down 7.9%

The firm has a fifty day moving average price of $25.81.

Fervo Energy (NASDAQ:FRVO) last posted 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. On average, analysts forecast that Fervo Energy Company will post -0.42 EPS for the current year.

Institutional Investors Weigh In On Fervo Energy

Several institutional investors and hedge funds have recently modified their holdings of the stock. AXQ Capital LP purchased a new stake in shares of Fervo Energy during the 2nd quarter valued at about $499,000. Ranger Investment Management L.P. acquired a new position in Fervo Energy during the 2nd quarter worth approximately $1,455,000. Readystate Asset Management LP purchased a new position in Fervo Energy in the 2nd quarter worth approximately $4,419,000. Resolute Advisors LLC acquired a new stake in Fervo Energy in the second quarter valued at approximately $5,285,000. Finally, Value Aligned Research Advisors LLC acquired a new stake in Fervo Energy in the second quarter valued at approximately $63,155,000.

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.