Fervo Energy (NASDAQ:FRVO) Stock Falls 6.2% – Should You Sell?

Fervo Energy Company (NASDAQ:FRVO) shares dropped 6.2% during mid-day trading on Thursday. The company traded as low as $9.94 and last traded at $10.26. 20,105,765 shares changed hands during mid-day trading, an increase of 290% from the average session volume of 5,152,272 shares. The stock had previously closed at $10.94.

Analysts Set New Price Targets

A number of brokerages have commented on FRVO. Barclays lifted their target price on shares of Fervo Energy from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 24th. Robert W. Baird decreased their price objective on Fervo Energy from $50.00 to $35.00 and set an “outperform” rating on the stock in a report on Thursday, August 13th. Johnson Rice started coverage on Fervo Energy in a research report on Wednesday, September 23rd. They issued a “buy” rating and a $35.00 price objective for the company. UBS Group set a $48.00 target price on Fervo Energy in a research note on Wednesday, June 24th. Finally, Wolfe Research set a $29.00 target price on Fervo Energy and gave the stock an “outperform” rating in a research note on Friday, September 25th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Fervo Energy currently has an average rating of “Moderate Buy” and an average price target of $40.87.

Fervo Energy Trading Down 6.2%

The company has a current ratio of 8.62, a quick ratio of 8.62 and a debt-to-equity ratio of 0.08. The business’s fifty day moving average is $16.66. The company has a market cap of $3.02 billion and a PE ratio of -2.50.

Fervo Energy (NASDAQ:FRVO) last released its quarterly 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 firm had revenue of $0.11 million during the quarter. Analysts predict that Fervo Energy Company will post -0.54 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Viking Fund Management LLC purchased a new position in Fervo Energy in the 3rd quarter valued at approximately $815,000. Sax Wealth Advisors LLC purchased a new stake in Fervo Energy during the 3rd quarter worth about $154,000. Green Alpha Advisors LLC purchased a new stake in Fervo Energy during the 3rd quarter worth about $843,000. State Street Corp acquired a new stake in Fervo Energy in the 2nd quarter valued at about $10,028,000. Finally, Engineers Gate Manager LP acquired a new stake in Fervo Energy in the 2nd quarter valued at about $272,000.

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.