Fervo Energy (NASDAQ:FRVO) Shares Down 5.7% – Should You Sell?

Fervo Energy Company (NASDAQ:FRVO)’s share price was down 5.7% during trading on Friday. The company traded as low as $9.59 and last traded at $9.68. Approximately 20,751,224 shares changed hands during trading, an increase of 292% from the average daily volume of 5,297,288 shares. The stock had previously closed at $10.26.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on FRVO shares. 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. Bank of America decreased their target price on shares of Fervo Energy from $36.00 to $30.00 and set a “buy” rating on the stock in a research note on Friday, September 25th. Morgan Stanley raised Fervo Energy to an “overweight” rating in a report on Tuesday, September 1st. Robert W. Baird reduced their price target on Fervo Energy from $50.00 to $35.00 and set an “outperform” rating on the stock in a report on Thursday, August 13th. Finally, UBS Group set a $48.00 target price on shares of Fervo Energy in a report on Wednesday, June 24th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Fervo Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $40.87.

Fervo Energy Stock Performance

The firm has a market capitalization of $2.85 billion and a P/E ratio of -2.36. The company’s 50 day moving average price is $16.41. The company has a quick ratio of 8.62, a current ratio of 8.62 and a debt-to-equity ratio of 0.08.

Fervo Energy (NASDAQ:FRVO) last released its earnings results on Wednesday, August 12th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.29). The company had revenue of $0.11 million for the quarter. As a group, equities analysts predict that Fervo Energy Company will post -0.54 EPS for the current fiscal year.

Institutional Investors Weigh In On Fervo Energy

A number of institutional investors and hedge funds have recently made changes to their positions in FRVO. Corient Private Wealth LP bought a new stake in Fervo Energy during the 2nd quarter worth approximately $229,000. Engineers Gate Manager LP bought a new stake in shares of Fervo Energy in the 2nd quarter worth $272,000. Sax Wealth Advisors LLC bought a new position in shares of Fervo Energy during the third quarter valued at about $154,000. AXQ Capital LP bought a new stake in Fervo Energy in the 2nd quarter worth about $499,000. Finally, NewEdge Advisors LLC bought a new position in shares of Fervo Energy during the 2nd quarter worth approximately $1,245,000.

About Fervo Energy

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.