Fervo Energy (NASDAQ:FRVO) Stock Price Down 7.5% - Here's What Happened

Key Points

• Fervo Energy shares fell 7.5% to about $15.65, with trading volume down 66% from the average session.
• The company reported a quarterly loss of $0.38 per share, missing analysts’ expected loss of $0.09, while revenue totaled just $0.11 million.
• Despite the decline, analyst sentiment remains moderately bullish: the stock has an average rating of “Moderate Buy” and a consensus price target of $44, while several institutional investors recently opened positions.

Fervo Energy Company (NASDAQ:FRVO - Get Free Report) traded down 7.5% during mid-day trading on Monday . The stock traded as low as $15.57 and last traded at $15.65. 1,169,256 shares traded hands during trading, a decline of 66% from the average session volume of 3,408,318 shares. The stock had previously closed at $16.92.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FRVO. Bank of America raised Fervo Energy from a "neutral" rating to a "buy" rating and reduced their price target for the company from $40.00 to $36.00 in a report on Friday, July 17th. Zacks Research upgraded Fervo Energy to a "hold" rating in a research report on Tuesday, June 9th. Wall Street Zen raised shares of Fervo Energy from a "strong sell" rating to a "sell" rating in a research note on Monday, July 20th. Barclays increased their price target on shares of Fervo Energy from $47.00 to $48.00 and gave the company an "overweight" rating in a report on Wednesday, June 24th. Finally, Guggenheim upgraded shares of Fervo Energy to a "strong-buy" rating and set a $48.00 price objective for the company in a research note on Monday, June 8th. Two 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. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $44.00.

Fervo Energy Trading Down 7.9%

The business's 50 day moving average price is $25.81.

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

Institutional Investors Weigh In On Fervo Energy

Hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP acquired a new position in shares of Fervo Energy in the second quarter valued at approximately $129,600,000. Value Aligned Research Advisors LLC acquired a new position in Fervo Energy in the 2nd quarter valued at $63,155,000. Resolute Advisors LLC acquired a new position in Fervo Energy in the 2nd quarter valued at $5,285,000. Readystate Asset Management LP purchased a new position in shares of Fervo Energy during the 2nd quarter worth $4,419,000. Finally, Ranger Investment Management L.P. purchased a new position in shares of Fervo Energy during the 2nd quarter worth $1,455,000.

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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