Fervo Energy (NASDAQ:FRVO) Trading Down 5.3% – Time to Sell?

Fervo Energy Company (NASDAQ:FRVO) dropped 5.3% on Thursday . The company traded as low as $16.31 and last traded at $16.33. 1,064,842 shares changed hands during trading, a decline of 75% from the average daily volume of 4,194,798 shares. The stock had previously closed at $17.24.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Jefferies Financial Group raised Fervo Energy from a “hold” rating to a “buy” rating and dropped their price target for the stock from $41.00 to $34.00 in a research note on Monday, July 20th. Royal Bank Of Canada reiterated an “outperform” rating and set a $46.00 price objective on shares of Fervo Energy in a research report on Tuesday, June 23rd. UBS Group set a $48.00 price objective on Fervo Energy in a report on Wednesday, June 24th. Weiss Ratings began coverage on Fervo Energy in a research report on Tuesday, August 18th. They issued a “sell (d)” rating for the company. Finally, Wall Street Zen raised Fervo Energy from a “strong sell” rating to a “sell” rating in a research note on Monday, July 20th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $42.69.

Fervo Energy Stock Performance

The business has a 50 day simple moving average of $21.58.

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

Hedge Funds Weigh In On Fervo Energy

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP bought a new stake in Fervo Energy in the second quarter valued at approximately $129,600,000. Value Aligned Research Advisors LLC purchased a new position in shares of Fervo Energy in the second quarter worth $63,155,000. Squarepoint Ops LLC purchased a new position in shares of Fervo Energy in the second quarter worth $12,423,000. Resolute Advisors LLC bought a new stake in Fervo Energy during the 2nd quarter valued at $5,285,000. Finally, Readystate Asset Management LP bought a new stake in Fervo Energy during the 2nd quarter valued at $4,419,000.

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.