Fervo Energy (NASDAQ:FRVO) Stock Price Down 5.3% - Time to Sell?

Key Points

• Fervo Energy shares fell 5.3% to $16.33 in mid-day trading, with volume down 75% from the average session. The stock remains below its 50-day moving average of $21.58.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $42.69, although Weiss Ratings issued a sell rating.
• The company reported a quarterly loss of $0.38 per share, missing the $0.09 consensus estimate, on only $0.11 million in revenue. Several institutional investors nevertheless initiated sizable positions during the second quarter.

Fervo Energy Company (NASDAQ:FRVO - Get Free Report)'s share price was down 5.3% on Thursday . The company traded as low as $16.31 and last traded at $16.33. 1,064,842 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 4,194,798 shares. The stock had previously closed at $17.24.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on FRVO shares. UBS Group set a $48.00 target price on Fervo Energy in a research report on Wednesday, June 24th. Royal Bank Of Canada reiterated an "outperform" rating and set a $46.00 price objective on shares of Fervo Energy in a research note on Tuesday, June 23rd. Barclays increased their price objective on Fervo Energy from $47.00 to $48.00 and gave the stock an "overweight" rating in a report on Wednesday, June 24th. Weiss Ratings assumed coverage on Fervo Energy in a research note on Tuesday, August 18th. They issued a "sell (d)" rating for the company. Finally, HC Wainwright reiterated a "buy" rating on shares of Fervo Energy in a research report on Wednesday, May 27th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $42.69.

Fervo Energy Price Performance

The company has a 50-day simple moving average of $21.58.

Fervo Energy (NASDAQ:FRVO - Get Free Report) last posted its earnings results on Wednesday, August 12th. The company reported ($0.38) 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. On average, analysts expect that Fervo Energy Company will post -0.42 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP bought a new stake in Fervo Energy during the second quarter valued at approximately $129,600,000. Value Aligned Research Advisors LLC bought a new position in shares of Fervo Energy in the 2nd quarter worth $63,155,000. Squarepoint Ops LLC purchased a new stake in shares of Fervo Energy during the 2nd quarter valued at $12,423,000. Resolute Advisors LLC purchased a new stake in shares of Fervo Energy during the 2nd quarter valued at $5,285,000. Finally, Readystate Asset Management LP bought a new stake in shares of Fervo Energy during the 2nd quarter worth $4,419,000.

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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