Fervo Energy (NASDAQ:FRVO) Stock Falls 8.5% – What’s Next?

Fervo Energy Company (NASDAQ:FRVO) was down 8.5% on Thursday. The company traded as low as $8.22 and last traded at $8.25. 7,901,600 shares were traded during trading, an increase of 46% from the average daily volume of 5,403,266 shares. The stock had previously closed at $9.02.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Jefferies Financial Group raised shares of Fervo Energy from a “hold” rating to a “buy” rating and reduced their price objective for the stock from $41.00 to $34.00 in a research note on Monday, July 20th. Weiss Ratings initiated coverage on Fervo Energy in a research report on Tuesday, August 18th. They issued a “sell (d)” rating on the stock. Northland Securities started coverage on shares of Fervo Energy in a report on Thursday, September 10th. They set an “outperform” rating and a $27.00 price target for the company. Wall Street Zen upgraded shares of Fervo Energy from a “strong sell” rating to a “sell” rating in a research report on Monday, July 20th. Finally, Morgan Stanley upgraded shares of Fervo Energy to an “overweight” rating in a report on Tuesday, September 1st. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $39.53.

Fervo Energy Stock Performance

The stock has a market cap of $2.37 billion and a PE ratio of -1.96. The firm’s 50-day moving average price is $14.79. The company has a debt-to-equity ratio of 0.08, a current ratio of 8.62 and a quick ratio of 8.62.

Fervo Energy (NASDAQ:FRVO) last announced 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 company had revenue of $0.11 million for the quarter. On average, equities analysts anticipate that Fervo Energy Company will post -0.54 earnings per share for the current fiscal year.

Institutional Trading of Fervo Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Robeco Schweiz AG lifted its position in Fervo Energy by 66.7% in the third quarter. Robeco Schweiz AG now owns 3,282,928 shares of the company’s stock worth $44,615,000 after buying an additional 1,313,704 shares during the last quarter. Signaturefd LLC grew its stake in shares of Fervo Energy by 175.0% during the third quarter. Signaturefd LLC now owns 2,200 shares of the company’s stock valued at $30,000 after buying an additional 1,400 shares during the last quarter. Sterling Capital Management LLC bought a new position in Fervo Energy in the third quarter worth approximately $27,000. SBI Securities Co. Ltd. boosted its stake in shares of Fervo Energy by 387.3% during the third quarter. SBI Securities Co. Ltd. now owns 4,512 shares of the company’s stock valued at $61,000 after purchasing an additional 3,586 shares in the last quarter. Finally, Viking Fund Management LLC bought a new stake in Fervo Energy during the 3rd quarter valued at $815,000.

About Fervo Energy

Fervo Energy is a geothermal energy company developing enhanced geothermal systems designed to generate electricity from heat found deep beneath the earth’s surface. The company applies techniques adapted from the oil and gas industry, including horizontal drilling and hydraulic stimulation, to create engineered geothermal reservoirs in areas where conventional geothermal resources may not be available.

Founded in 2017, Fervo combines advanced drilling, distributed fiber-optic sensing and reservoir engineering to evaluate and operate geothermal projects.