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

Fervo Energy Company (NASDAQ:FRVO) 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) 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) 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.