Fervo Energy (NASDAQ:FRVO) Shares Up 7.2% – What’s Next?

Fervo Energy Company (NASDAQ:FRVO)’s share price rose 7.2% on Tuesday . The company traded as high as $16.61 and last traded at $16.58. 1,328,904 shares changed hands during trading, a decline of 61% from the average daily volume of 3,422,533 shares. The stock had previously closed at $15.47.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Bank of America raised Fervo Energy from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $40.00 to $36.00 in a research note on Friday, July 17th. Wall Street Zen raised Fervo Energy from a “strong sell” rating to a “sell” rating in a research note on Monday, July 20th. Sanford C. Bernstein began coverage on Fervo Energy in a report on Tuesday, June 23rd. They issued an “outperform” rating and a $47.00 target price for the company. UBS Group set a $48.00 price target on Fervo Energy in a research note on Wednesday, June 24th. Finally, Weiss Ratings assumed coverage on Fervo Energy in a report on Tuesday, August 18th. They set a “sell (d)” rating on the stock. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $44.00.

Fervo Energy Stock Performance

The stock has a fifty day simple moving average of $25.41.

Fervo Energy (NASDAQ:FRVO) last announced its quarterly earnings data 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 for the quarter. Equities research analysts forecast that Fervo Energy Company will post -0.42 EPS for the current fiscal year.

Institutional Trading of Fervo Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP bought a new position in Fervo Energy in the second quarter worth approximately $129,600,000. Value Aligned Research Advisors LLC bought a new stake in shares of Fervo Energy during the second quarter valued at approximately $63,155,000. Resolute Advisors LLC bought a new stake in shares of Fervo Energy during the second quarter valued at approximately $5,285,000. Readystate Asset Management LP bought a new stake in shares of Fervo Energy during the second quarter valued at approximately $4,419,000. Finally, Ranger Investment Management L.P. acquired a new position in shares of Fervo Energy during the second quarter worth 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.