Fervo Energy (NASDAQ:FRVO) Shares Down 4.9% – Should You Sell?

Fervo Energy Company (NASDAQ:FRVO) shares traded down 4.9% on Thursday . The stock traded as low as $17.10 and last traded at $17.10. 4,213,439 shares traded hands during trading, an increase of 3% from the average daily volume of 4,106,380 shares. The stock had previously closed at $17.98.

Wall Street Analysts Forecast Growth

FRVO has been the subject of a number of analyst reports. Weiss Ratings assumed coverage on shares of Fervo Energy in a research report on Tuesday, August 18th. They issued a “sell (d)” rating for the company. Guggenheim raised shares of Fervo Energy to a “strong-buy” rating and set a $48.00 target price on the stock in a report on Monday, June 8th. UBS Group set a $48.00 target price on shares of Fervo Energy in a research note on Wednesday, June 24th. Morgan Stanley upgraded shares of Fervo Energy to an “overweight” rating in a research report on Tuesday. Finally, Wolfe Research began coverage on shares of Fervo Energy in a report on Monday, June 8th. They issued a “peer perform” rating on the stock. Two 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 MarketBeat.com, Fervo Energy presently has an average rating of “Moderate Buy” and an average price target of $44.00.

Fervo Energy Trading Up 5.8%

The firm has a 50-day moving average of $22.30.

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 for the quarter. On average, equities analysts forecast that Fervo Energy Company will post -0.42 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP purchased a new stake in Fervo Energy during the second quarter valued at about $129,600,000. Value Aligned Research Advisors LLC bought a new stake in Fervo Energy in the 2nd quarter worth approximately $63,155,000. Resolute Advisors LLC purchased a new stake in Fervo Energy in the second quarter worth approximately $5,285,000. Readystate Asset Management LP bought a new position in Fervo Energy during the second quarter valued at approximately $4,419,000. Finally, Ranger Investment Management L.P. purchased a new position in shares of Fervo Energy during the second quarter worth approximately $1,455,000.

Fervo Energy Company Profile

Fervo Energy Company is a geothermal energy developer, builds, owns and operates geothermal power facilities. Fervo Energy Company is based in Houston, Texas.