Fervo Energy (NASDAQ:FRVO) Shares Down 2.5% – Time to Sell?

Fervo Energy Company (NASDAQ:FRVO) shares were down 2.5% during mid-day trading on Friday. The stock traded as low as $7.83 and last traded at $8.04. 5,962,187 shares changed hands during mid-day trading, an increase of 10% from the average daily volume of 5,401,645 shares. The stock had previously closed at $8.25.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Johnson Rice assumed coverage on Fervo Energy in a research report on Wednesday, September 23rd. They set a “buy” rating and a $35.00 price objective for the company. Weiss Ratings initiated coverage on shares of Fervo Energy in a 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 issued an “outperform” rating and a $27.00 target price on the stock. Jefferies Financial Group upgraded shares of Fervo Energy from a “hold” rating to a “buy” rating and lowered their price target for the stock from $41.00 to $34.00 in a report on Monday, July 20th. Finally, Bank of America dropped their price objective on shares of Fervo Energy from $36.00 to $30.00 and set a “buy” rating on the stock in a research report on Friday, September 25th. Two research 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. Based on data from MarketBeat, Fervo Energy presently has an average rating of “Moderate Buy” and an average price target of $39.53.

Fervo Energy Stock Down 2.5%

The business has a 50-day moving average of $14.79. The stock has a market capitalization of $2.37 billion and a P/E ratio of -1.96. The company has a current ratio of 8.62, a quick ratio of 8.62 and a debt-to-equity ratio of 0.08.

Fervo Energy (NASDAQ:FRVO) last issued its quarterly earnings results 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 during the quarter. As a group, research analysts expect that Fervo Energy Company will post -0.54 EPS for the current year.

Institutional Investors Weigh In On Fervo Energy

Several large investors have recently modified their holdings of FRVO. Wellington Management Group LLP acquired a new stake in shares of Fervo Energy in the 2nd quarter worth $129,600,000. Value Aligned Research Advisors LLC acquired a new stake in Fervo Energy in the second quarter valued at about $63,155,000. Robeco Schweiz AG boosted its holdings in Fervo Energy by 66.7% in the 3rd quarter. Robeco Schweiz AG now owns 3,282,928 shares of the company’s stock valued at $44,615,000 after purchasing an additional 1,313,704 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in Fervo Energy in the 2nd quarter valued at approximately $12,423,000. Finally, State Street Corp purchased a new stake in Fervo Energy in the 2nd quarter valued at approximately $10,028,000.

Fervo Energy Company Profile

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.