Fervo Energy (NASDAQ:FRVO) Stock Price Down 6.4% - Here's What Happened

Key Points

• Fervo Energy shares fell 6.4% to $12.87 in mid-day trading, with volume rising 82% above the average session level.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $40.87, despite one sell rating.
• The company recently reported a larger-than-expected quarterly loss of $0.38 per share versus the $0.09 consensus estimate, while revenue was just $0.11 million.

Fervo Energy Company (NASDAQ:FRVO - Get Free Report) was down 6.4% on Monday. The stock traded as low as $12.78 and last traded at $12.87. Approximately 8,962,778 shares changed hands during mid-day trading, an increase of 82% from the average session volume of 4,928,394 shares. The stock had previously closed at $13.75.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on FRVO shares. Northland Securities initiated coverage on shares of Fervo Energy in a research report on Thursday, September 10th. They set an "outperform" rating and a $27.00 target price for the company. Johnson Rice began coverage on shares of Fervo Energy in a report on Wednesday, September 23rd. They issued a "buy" rating and a $35.00 price target on the stock. Wolfe Research set a $29.00 price target on shares of Fervo Energy and gave the company an "outperform" rating in a research report on Friday, September 25th. Sanford C. Bernstein reiterated an "outperform" rating and set a $47.00 price objective on shares of Fervo Energy in a research note on Friday, October 2nd. Finally, Weiss Ratings assumed coverage on shares of Fervo Energy in a research note on Tuesday, August 18th. They set a "sell (d)" rating for the company. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $40.87.

Fervo Energy Price Performance

The business's 50-day moving average price is $17.29. The company has a market capitalization of $3.79 billion and a P/E ratio of -3.14. The company has a debt-to-equity ratio of 0.08, a current ratio of 8.62 and a quick ratio of 8.62.

Fervo Energy (NASDAQ:FRVO - Get Free Report) last issued its earnings results on Wednesday, August 12th. The company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.29). The firm had revenue of $0.11 million during the quarter. Equities research analysts expect that Fervo Energy Company will post -0.54 EPS for the current fiscal year.

Hedge Funds Weigh In On Fervo Energy

A number of institutional investors and hedge funds have recently bought and sold shares of FRVO. Green Alpha Advisors LLC purchased a new stake in shares of Fervo Energy during the third quarter valued at approximately $843,000. State Street Corp acquired a new position in shares of Fervo Energy during the second quarter worth $10,028,000. Engineers Gate Manager LP acquired a new position in shares of Fervo Energy during the second quarter worth $272,000. NewEdge Advisors LLC purchased a new position in shares of Fervo Energy in the second quarter valued at $1,245,000. Finally, Squarepoint Ops LLC purchased a new position in shares of Fervo Energy in the second quarter valued at $12,423,000.

About Fervo Energy

Fervo Energy is a geothermal energy company focused on developing enhanced geothermal systems (EGS), which use horizontal drilling and hydraulic stimulation techniques to access heat in underground rock and produce electricity. Its approach is designed to expand geothermal generation beyond locations with naturally occurring conventional geothermal resources.

The company develops geothermal projects, including Project Red in northern Nevada and the larger Cape Station project in southwestern Utah.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.