Fervo Energy (NASDAQ:FRVO) Reaches New 1-Year Low – Here’s Why

Shares of Fervo Energy Company (NASDAQ:FRVO) hit a new 52-week low during trading on Monday. The company traded as low as $7.83 and last traded at $7.90, with a volume of 420,222 shares traded. The stock had previously closed at $8.04.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Sanford C. Bernstein restated an “outperform” rating and issued a $47.00 price objective on shares of Fervo Energy in a research note on Friday, October 2nd. Robert W. Baird reduced their price target on shares of Fervo Energy from $50.00 to $35.00 and set an “outperform” rating for the company in a report on Thursday, August 13th. Northland Securities began coverage on shares of Fervo Energy in a research report on Thursday, September 10th. They issued an “outperform” rating and a $27.00 price target on the stock. Bank of America dropped their price objective on shares of Fervo Energy from $36.00 to $30.00 and set a “buy” rating on the stock in a report on Friday, September 25th. Finally, Morgan Stanley raised shares of Fervo Energy to an “overweight” rating in a research report on Tuesday, September 1st. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $39.53.

Fervo Energy Stock Up 8.9%

The firm’s 50-day moving average is $14.40.

Fervo Energy (NASDAQ:FRVO) last announced 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 forecast that Fervo Energy Company will post -0.54 EPS for the current fiscal year.

Hedge Funds Weigh In On Fervo Energy

Several institutional investors have recently added to or reduced their stakes in FRVO. Value Aligned Research Advisors LLC bought a new position in shares of Fervo Energy in the second quarter worth about $63,155,000. Squarepoint Ops LLC bought a new position in Fervo Energy in the 2nd quarter worth approximately $12,423,000. State Street Corp bought a new position in Fervo Energy in the 2nd quarter valued at $10,028,000. Readystate Asset Management LP bought a new position in Fervo Energy in the 2nd quarter valued at $4,419,000. Finally, Wellington Management Group LLP acquired a new stake in shares of Fervo Energy in the 2nd quarter valued at $129,600,000.

About Fervo Energy

Fervo Energy is a geothermal energy company developing enhanced geothermal systems designed to generate electricity from heat found deep beneath the earth’s surface. The company applies techniques adapted from the oil and gas industry, including horizontal drilling and hydraulic stimulation, to create engineered geothermal reservoirs in areas where conventional geothermal resources may not be available.

Founded in 2017, Fervo combines advanced drilling, distributed fiber-optic sensing and reservoir engineering to evaluate and operate geothermal projects.