Fervo Energy (NASDAQ:FRVO) Stock Price Down 6.2% – What’s Next?

Shares of Fervo Energy Company (NASDAQ:FRVO) dropped 6.2% during mid-day trading on Thursday. The stock traded as low as $9.94 and last traded at $10.26. 20,105,765 shares traded hands during mid-day trading, an increase of 290% from the average session volume of 5,152,272 shares. The stock had previously closed at $10.94.

Analysts Set New Price Targets

A number of research firms have weighed in on FRVO. Wall Street Zen raised Fervo Energy from a “strong sell” rating to a “sell” rating in a research report on Monday, July 20th. UBS Group set a $48.00 price target on Fervo Energy in a research note on Wednesday, June 24th. Barclays upped their price target on Fervo Energy from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 24th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $47.00 price target on shares of Fervo Energy in a report on Friday, October 2nd. Finally, Johnson Rice assumed coverage on shares of Fervo Energy in a research note on Wednesday, September 23rd. They issued a “buy” rating and a $35.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently 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 firm has a market cap of $2.85 billion and a PE ratio of -2.36. The firm’s 50 day moving average is $16.09.

Fervo Energy (NASDAQ:FRVO) last released its quarterly earnings data 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 during the quarter. As a group, research analysts predict that Fervo Energy Company will post -0.54 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fervo Energy

Large investors have recently made changes to their positions in the stock. Wellington Management Group LLP purchased a new stake in Fervo Energy during the second quarter worth about $129,600,000. Value Aligned Research Advisors LLC acquired a new position in Fervo Energy during the second quarter worth about $63,155,000. Squarepoint Ops LLC purchased a new position in Fervo Energy in the second quarter valued at about $12,423,000. State Street Corp purchased a new position in Fervo Energy in the second quarter valued at about $10,028,000. Finally, Resolute Advisors LLC purchased a new position in Fervo Energy in the second quarter valued at about $5,285,000.

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.