Fervo Energy (NASDAQ:FRVO) Sets New 12-Month Low – Time to Sell?

Fervo Energy Company (NASDAQ:FRVO)’s stock price hit a new 52-week low during trading on Monday. The stock traded as low as $14.40 and last traded at $14.45, with a volume of 2129143 shares trading hands. The stock had previously closed at $15.18.

Wall Street Analyst Weigh In

FRVO has been the topic of a number of recent analyst reports. Roth Capital initiated coverage on shares of Fervo Energy in a report on Thursday, June 11th. They issued a “buy” rating and a $45.00 price objective on the stock. Wolfe Research set a $29.00 target price on Fervo Energy and gave the company an “outperform” rating in a research report on Friday. UBS Group set a $48.00 price target on shares of Fervo Energy in a research report on Wednesday, June 24th. Weiss Ratings started coverage on shares of Fervo Energy in a research note on Tuesday, August 18th. They issued a “sell (d)” rating for the company. Finally, Barclays increased their price objective on shares of Fervo Energy from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, June 24th. 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 assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $40.87.

Fervo Energy Price Performance

The business has a 50 day simple moving average of $19.25.

Fervo Energy (NASDAQ:FRVO) last issued its earnings results on Wednesday, August 12th. The company reported ($0.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.29). The business had revenue of $0.11 million for the quarter. As a group, sell-side analysts forecast that Fervo Energy Company will post -0.48 EPS for the current fiscal year.

Hedge Funds Weigh In On Fervo Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of FRVO. State Street Corp acquired a new stake in shares of Fervo Energy during the 2nd quarter worth approximately $10,028,000. Engineers Gate Manager LP acquired a new position in Fervo Energy during the 2nd quarter valued at approximately $272,000. NewEdge Advisors LLC acquired a new position in Fervo Energy during the 2nd quarter valued at approximately $1,245,000. Squarepoint Ops LLC acquired a new position in Fervo Energy during the 2nd quarter valued at approximately $12,423,000. Finally, Corient Private Wealth LP bought a new position in Fervo Energy during the 2nd quarter worth $229,000.

Fervo Energy Company Profile

Fervo Energy is a geothermal energy company developing enhanced geothermal systems (EGS) designed to produce electricity from heat found deep underground. Its approach applies horizontal drilling, hydraulic stimulation and oil-and-gas well technologies to access geothermal resources in locations that may not have naturally permeable reservoirs.

The company develops geothermal projects and related drilling and reservoir-engineering technologies for utility-scale power generation. Fervo’s Project Red demonstration in northern Nevada has been used to validate its EGS approach, while the company is developing the larger Cape Station project in southwestern Utah.

Fervo Energy was founded in 2017 by Tim Latimer and Jamie Beard.