Stock Traders Purchase Large Volume of Put Options on Fervo Energy (NASDAQ:FRVO)

Fervo Energy Company (NASDAQ:FRVO) was the target of unusually large options trading activity on Wednesday. Traders acquired 5,110 put options on the company. This is an increase of 208% compared to the typical daily volume of 1,658 put options.

Institutional Trading of Fervo Energy

Large investors have recently modified their holdings of the business. AXQ Capital LP purchased a new position in shares of Fervo Energy during the 2nd quarter worth approximately $499,000. Ranger Investment Management L.P. purchased a new stake in Fervo Energy in the 2nd quarter valued at approximately $1,455,000. Readystate Asset Management LP purchased a new stake in Fervo Energy in the 2nd quarter valued at approximately $4,419,000. Resolute Advisors LLC acquired a new stake in Fervo Energy during the 2nd quarter valued at $5,285,000. Finally, Value Aligned Research Advisors LLC acquired a new stake in Fervo Energy during the 2nd quarter valued at $63,155,000.

Fervo Energy Stock Performance

Fervo Energy stock opened at $15.44 on Thursday. Fervo Energy has a 52 week low of $15.22 and a 52 week high of $42.65. The stock has a 50-day simple moving average of $24.64.

Fervo Energy (NASDAQ:FRVO) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.38) 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. Analysts forecast that Fervo Energy will post -0.42 EPS for the current fiscal year.

Analysts Set New Price Targets

FRVO has been the subject of a number of research analyst reports. Wall Street Zen upgraded shares of Fervo Energy from a “strong sell” rating to a “sell” rating in a report on Monday, July 20th. Piper Sandler restated an “overweight” rating on shares of Fervo Energy in a research report on Tuesday, June 23rd. 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. Sanford C. Bernstein assumed coverage on shares of Fervo Energy in a report on Tuesday, June 23rd. They issued an “outperform” rating and a $47.00 target price for the company. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $46.00 price target 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, ten have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $44.00.

About Fervo Energy

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