Fervo Energy (NASDAQ:FRVO) Hits New 1-Year Low – Should You Sell?

Shares of Fervo Energy Company (NASDAQ:FRVO) reached a new 52-week low during mid-day trading on Monday. The company traded as low as $9.36 and last traded at $9.46, with a volume of 474,551 shares changing hands. The stock had previously closed at $9.68.

Wall Street Analysts Forecast Growth

FRVO has been the subject of several research analyst reports. Sanford C. Bernstein restated an “outperform” rating and set a $47.00 price target on shares of Fervo Energy in a research note on Friday, October 2nd. Wall Street Zen raised Fervo Energy from a “strong sell” rating to a “sell” rating in a research note on Monday, July 20th. Northland Securities assumed coverage on Fervo Energy in a report on Thursday, September 10th. They set an “outperform” rating and a $27.00 target price for the company. Robert W. Baird decreased their target price on Fervo Energy from $50.00 to $35.00 and set an “outperform” rating for the company in a report on Thursday, August 13th. Finally, Weiss Ratings started coverage on shares of Fervo Energy in a research report on Tuesday, August 18th. They set a “sell (d)” rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $40.87.

Fervo Energy Stock Down 5.0%

The firm has a 50 day moving average price of $16.09. The company has a market cap of $2.71 billion and a P/E ratio of -2.24. The company has a current ratio of 8.62, a quick ratio of 8.62 and a debt-to-equity ratio of 0.08.

Fervo Energy (NASDAQ:FRVO) last issued 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. As a group, equities research analysts expect that Fervo Energy Company will post -0.54 EPS for the current fiscal year.

Hedge Funds Weigh In On Fervo Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP purchased a new stake in shares of Fervo Energy during the second quarter valued at approximately $129,600,000. Value Aligned Research Advisors LLC acquired a new position in shares of Fervo Energy during the second quarter worth $63,155,000. Squarepoint Ops LLC acquired a new position in shares of Fervo Energy during the second quarter worth $12,423,000. State Street Corp acquired a new position in shares of Fervo Energy during the second quarter worth $10,028,000. Finally, Resolute Advisors LLC acquired a new position in shares of Fervo Energy during the second quarter worth $5,285,000.

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.