Fervo Energy (NASDAQ:FRVO) Stock Price Down 6.4% – Time to Sell?

Shares of Fervo Energy Company (NASDAQ:FRVO) traded down 6.4% during mid-day trading on Monday . The stock traded as low as $18.03 and last traded at $18.50. 489,546 shares were traded during trading, a decline of 85% from the average daily volume of 3,314,784 shares. The stock had previously closed at $19.76.

Wall Street Analyst Weigh In

FRVO has been the topic of a number of recent research reports. William Blair started coverage on Fervo Energy in a research report on Monday, June 8th. They set an “outperform” rating and a $43.00 price target on the stock. Piper Sandler reissued an “overweight” rating on shares of Fervo Energy in a report on Tuesday, June 23rd. HC Wainwright reiterated a “buy” rating on shares of Fervo Energy in a research note on Wednesday, May 27th. Bank of America upgraded shares of Fervo Energy from a “neutral” rating to a “buy” rating and reduced their price target for the company from $40.00 to $36.00 in a research report on Friday, July 17th. Finally, Wolfe Research assumed coverage on shares of Fervo Energy in a research report on Monday, June 8th. They set a “peer perform” rating for the company. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $44.00.

Fervo Energy Stock Performance

The firm’s 50 day simple moving average is $27.46.

Fervo Energy (NASDAQ:FRVO) last released its earnings results on Wednesday, August 12th. The company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.29). The firm had revenue of $0.11 million during the quarter. On average, analysts forecast that Fervo Energy Company will post -0.39 earnings per share for the current year.

Institutional Investors Weigh In On Fervo Energy

An institutional investor recently bought a new stake in Fervo Energy stock. Ranger Investment Management L.P. bought a new position in shares of Fervo Energy Company (NASDAQ:FRVO) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 49,772 shares of the company’s stock, valued at approximately $1,455,000.

Fervo Energy Company Profile

Fervo Energy Company is a geothermal energy developer, builds, owns and operates geothermal power facilities. Fervo Energy Company is based in Houston, Texas.