Fervo Energy (NASDAQ:FRVO) Stock Price Down 6.4% – Here’s What Happened

Shares of Fervo Energy Company (NASDAQ:FRVO) fell 6.4% during trading on Monday. The company traded as low as $12.78 and last traded at $12.87. 8,962,778 shares changed hands during mid-day trading, an increase of 82% from the average daily volume of 4,928,394 shares. The stock had previously closed at $13.75.

Analyst Upgrades and Downgrades

FRVO has been the subject of a number of analyst reports. Royal Bank Of Canada reissued an “outperform” rating and issued a $46.00 price objective on shares of Fervo Energy in a research report on Tuesday, June 23rd. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $47.00 target price on shares of Fervo Energy in a research report on Friday, October 2nd. UBS Group set a $48.00 target price on Fervo Energy in a research report on Wednesday, June 24th. Piper Sandler reiterated an “overweight” rating on shares of Fervo Energy in a research note on Tuesday, June 23rd. Finally, Johnson Rice initiated coverage on Fervo Energy in a report on Wednesday, September 23rd. They issued a “buy” rating and a $35.00 price target for the company. Two equities research 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 stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $40.87.

Fervo Energy Price Performance

The company has a quick ratio of 8.62, a current ratio of 8.62 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $3.79 billion and a PE ratio of -3.14. The business’s fifty day simple moving average is $17.29.

Fervo Energy (NASDAQ:FRVO) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.38) earnings per share 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, sell-side analysts expect that Fervo Energy Company will post -0.54 EPS for the current year.

Hedge Funds Weigh In On Fervo Energy

Large investors have recently modified their holdings of the stock. Green Alpha Advisors LLC acquired a new position in Fervo Energy in the third quarter worth about $843,000. State Street Corp acquired a new stake in Fervo Energy during the second quarter valued at approximately $10,028,000. Engineers Gate Manager LP bought a new position in Fervo Energy during the 2nd quarter worth approximately $272,000. NewEdge Advisors LLC bought a new position in Fervo Energy during the 2nd quarter worth approximately $1,245,000. Finally, Squarepoint Ops LLC acquired a new position in shares of Fervo Energy in the 2nd quarter worth approximately $12,423,000.

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.