Fervo Energy (NASDAQ:FRVO) Shares Up 7.2% – What’s Next?

Fervo Energy Company (NASDAQ:FRVO) shares traded up 7.2% during mid-day trading on Tuesday . The company traded as high as $16.61 and last traded at $16.58. Approximately 1,328,904 shares were traded during trading, a decline of 61% from the average session volume of 3,422,533 shares. The stock had previously closed at $15.47.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on FRVO shares. Sanford C. Bernstein initiated coverage on Fervo Energy in a research note on Tuesday, June 23rd. They set an “outperform” rating and a $47.00 price target on the stock. Jefferies Financial Group raised shares of Fervo Energy from a “hold” rating to a “buy” rating and lowered their price objective for the stock from $41.00 to $34.00 in a research note on Monday, July 20th. Piper Sandler reiterated an “overweight” rating on shares of Fervo Energy in a report on Tuesday, June 23rd. Robert W. Baird cut their target price on shares of Fervo Energy from $50.00 to $35.00 and set an “outperform” rating on the stock in a research report on Thursday, August 13th. Finally, Wolfe Research initiated coverage on shares of Fervo Energy in a report on Monday, June 8th. They issued a “peer perform” rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $44.00.

Fervo Energy Price Performance

The company has a 50 day simple moving average of $24.64.

Fervo Energy (NASDAQ:FRVO) last posted its 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 business had revenue of $0.11 million during the quarter. As a group, analysts forecast that Fervo Energy Company will post -0.42 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. AXQ Capital LP purchased a new stake in Fervo Energy during the second quarter valued at approximately $499,000. Ranger Investment Management L.P. acquired a new stake in Fervo Energy in the second quarter valued at approximately $1,455,000. Readystate Asset Management LP purchased a new position in Fervo Energy in the second quarter worth $4,419,000. Resolute Advisors LLC purchased a new position in Fervo Energy in the second quarter worth $5,285,000. Finally, Value Aligned Research Advisors LLC acquired a new position in shares of Fervo Energy during the second quarter worth $63,155,000.

Fervo Energy Company Profile

Fervo Energy Company is a geothermal energy developer, builds, owns and operates geothermal power facilities. Fervo Energy Company is based in Houston, Texas.