Fervo Energy (NASDAQ:FRVO) Stock Price Up 7.2% – Here’s Why

Fervo Energy Company (NASDAQ:FRVO) shares shot up 7.2% during mid-day trading on Tuesday . The company traded as high as $16.61 and last traded at $16.58. 1,328,904 shares were traded during mid-day trading, a decline of 61% from the average session volume of 3,422,533 shares. The stock had previously closed at $15.47.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Sanford C. Bernstein began coverage on Fervo Energy in a research note on Tuesday, June 23rd. They set an “outperform” rating and a $47.00 price target on the stock. Wall Street Zen raised Fervo Energy from a “strong sell” rating to a “sell” rating in a research note on Monday, July 20th. Wolfe Research initiated coverage on shares of Fervo Energy in a report on Monday, June 8th. They issued a “peer perform” rating for the company. William Blair began coverage on shares of Fervo Energy in a research report on Monday, June 8th. They set an “outperform” rating and a $43.00 target price on the stock. Finally, Weiss Ratings assumed coverage on shares of Fervo Energy in a report on Tuesday, August 18th. They set a “sell (d)” rating on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $44.00.

Fervo Energy Price Performance

The stock has a 50-day simple moving average of $25.41.

Fervo Energy (NASDAQ:FRVO) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.29). The business had revenue of $0.11 million during the quarter. Equities analysts predict that Fervo Energy Company will post -0.42 EPS for the current year.

Institutional Trading of Fervo Energy

Several institutional investors have recently added to or reduced their stakes in the stock. Readystate Asset Management LP bought a new position in Fervo Energy during the 2nd quarter worth approximately $4,419,000. Value Aligned Research Advisors LLC acquired a new stake in shares of Fervo Energy during the second quarter worth $63,155,000. AXQ Capital LP acquired a new stake in shares of Fervo Energy during the second quarter worth $499,000. Resolute Advisors LLC acquired a new stake in shares of Fervo Energy during the second quarter worth $5,285,000. Finally, Wellington Management Group LLP bought a new position in Fervo Energy during the second quarter worth $129,600,000.

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.