Fervo Energy (NASDAQ:FRVO) Hits New 12-Month Low - Here's What Happened

Key Points

• Fervo Energy fell to a new 52-week low, trading as low as $16.74 versus a prior close of $17.83, while remaining well below its 50-day moving average of $26.53.
• The company reported a quarterly loss of $0.38 per share, missing the $0.09 consensus estimate, with revenue of only $0.11 million. Analysts expect a full-year loss of $0.42 per share.
• Despite the weakness, analysts maintain a “Moderate Buy” consensus with an average price target of $44, and Wellington Management established a new position worth approximately $129.6 million.

Fervo Energy Company (NASDAQ:FRVO - Get Free Report) reached a new 52-week low during trading on Thursday . The stock traded as low as $16.74 and last traded at $16.86, with a volume of 1870737 shares. The stock had previously closed at $17.83.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Wolfe Research initiated coverage on shares of Fervo Energy in a research note on Monday, June 8th. They set a "peer perform" rating on the stock. Robert W. Baird reduced their price target 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. Jefferies Financial Group upgraded Fervo Energy from a "hold" rating to a "buy" rating and decreased their price objective for the company from $41.00 to $34.00 in a report on Monday, July 20th. Royal Bank Of Canada reissued an "outperform" rating and set a $46.00 target price on shares of Fervo Energy in a research note on Tuesday, June 23rd. Finally, JPMorgan Chase & Co. started coverage on Fervo Energy in a research report on Monday, June 8th. They issued an "overweight" rating and a $47.00 target price on the stock. 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 issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $44.00.

Fervo Energy Stock Performance

The business's fifty day moving average is $26.53.

Fervo Energy (NASDAQ:FRVO - Get Free Report) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.38) earnings per share for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.29). The firm had revenue of $0.11 million during the quarter. As a group, research analysts expect that Fervo Energy Company will post -0.42 earnings per share for the current year.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in Fervo Energy stock. Wellington Management Group LLP bought a new position in shares of Fervo Energy Company (NASDAQ:FRVO - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 4,433,801 shares of the company's stock, valued at approximately $129,600,000. Wellington Management Group LLP owned approximately 1.50% of Fervo Energy as of its most recent SEC filing.

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.

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