Fervo Energy (NASDAQ:FRVO) Hits New 52-Week Low – Time to Sell?

Fervo Energy Company (NASDAQ:FRVO)’s share price reached a new 52-week low during mid-day trading on Tuesday. The stock traded as low as $13.10 and last traded at $13.46, with a volume of 11853064 shares. The stock had previously closed at $14.45.

Analysts Set New Price Targets

Several research analysts have issued reports on FRVO shares. Piper Sandler restated an “overweight” rating on shares of Fervo Energy in a research report on Tuesday, June 23rd. Roth Capital started coverage on Fervo Energy in a report on Thursday, June 11th. They issued a “buy” rating and a $45.00 price target on the stock. Morgan Stanley raised Fervo Energy to an “overweight” rating in a research note on Tuesday, September 1st. UBS Group set a $48.00 price objective on Fervo Energy in a report on Wednesday, June 24th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $46.00 price objective on shares of Fervo Energy in a research report on Tuesday, June 23rd. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Fervo Energy currently has a consensus rating of “Moderate Buy” and an average target price of $40.87.

Fervo Energy Price Performance

The firm has a market capitalization of $4.12 billion and a P/E ratio of -3.41. 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 stock’s fifty day moving average is $17.63.

Fervo Energy (NASDAQ:FRVO) last issued its quarterly earnings data 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 company had revenue of $0.11 million during the quarter. Equities research analysts forecast that Fervo Energy Company will post -0.54 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP acquired a new position in shares of Fervo Energy in the 2nd quarter valued at about $129,600,000. Value Aligned Research Advisors LLC acquired a new stake in Fervo Energy during the second quarter worth about $63,155,000. Squarepoint Ops LLC purchased a new position in Fervo Energy during the second quarter valued at approximately $12,423,000. State Street Corp purchased a new position in Fervo Energy during the second quarter valued at approximately $10,028,000. Finally, Resolute Advisors LLC acquired a new position in Fervo Energy in the second quarter valued at approximately $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.