Investors Purchase Large Volume of Put Options on Fervo Energy (NASDAQ:FRVO)

Fervo Energy Company (NASDAQ:FRVO) saw unusually large options trading activity on Wednesday. Investors purchased 5,110 put options on the stock. This represents an increase of 208% compared to the typical volume of 1,658 put options.

Hedge Funds Weigh In On Fervo Energy

A number of hedge funds have recently bought and sold shares of FRVO. Ranger Investment Management L.P. acquired a new position in Fervo Energy in the second quarter valued at $1,455,000. Wellington Management Group LLP acquired a new stake in Fervo Energy during the 2nd quarter worth about $129,600,000. Resolute Advisors LLC bought a new position in shares of Fervo Energy in the 2nd quarter worth about $5,285,000. AXQ Capital LP bought a new position in shares of Fervo Energy in the 2nd quarter worth about $499,000. Finally, Value Aligned Research Advisors LLC acquired a new position in shares of Fervo Energy in the 2nd quarter valued at about $63,155,000.

Fervo Energy Trading Up 3.4%

Fervo Energy stock opened at $15.96 on Friday. The business has a 50 day moving average of $24.26. Fervo Energy has a one year low of $15.22 and a one year high of $42.65.

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on FRVO. Wolfe Research started coverage on Fervo Energy in a report on Monday, June 8th. They set a “peer perform” rating on the stock. Bank of America upgraded Fervo Energy from a “neutral” rating to a “buy” rating and dropped their target price for the company from $40.00 to $36.00 in a research report on Friday, July 17th. UBS Group set a $48.00 price objective on Fervo Energy in a research note on Wednesday, June 24th. Piper Sandler reiterated an “overweight” rating on shares of Fervo Energy in a research report on Tuesday, June 23rd. Finally, Jefferies Financial Group raised shares of Fervo Energy from a “hold” rating to a “buy” rating and reduced their target price for the stock from $41.00 to $34.00 in a report on Monday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $44.00.

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.