Fervo Energy (NASDAQ:FRVO) Stock Jumps 8.9% – Time to Buy?

Shares of Fervo Energy Company (NASDAQ:FRVO) shot up 8.9% during trading on Tuesday. The company traded as high as $8.84 and last traded at $8.68. Approximately 5,859,299 shares were traded during trading, an increase of 8% from the average session volume of 5,409,395 shares. The stock had previously closed at $7.97.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FRVO. Robert W. Baird dropped their price target on shares of Fervo Energy from $50.00 to $35.00 and set an “outperform” rating on the stock in a research note on Thursday, August 13th. Wall Street Zen raised shares of Fervo Energy from a “strong sell” rating to a “sell” rating in a research report on Monday, July 20th. Northland Securities started coverage on Fervo Energy in a research note on Thursday, September 10th. They issued an “outperform” rating and a $27.00 price objective for the company. Jefferies Financial Group raised Fervo Energy from a “hold” rating to a “buy” rating and decreased their target price for the stock from $41.00 to $34.00 in a report on Monday, July 20th. Finally, JPMorgan Chase & Co. decreased their target price on Fervo Energy from $38.00 to $27.00 and set an “overweight” rating on the stock in a report on Monday, October 19th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $39.53.

Fervo Energy Stock Performance

The stock has a market capitalization of $2.46 billion and a P/E ratio of -2.03. The business has a fifty day moving average of $14.21. The company has a quick ratio of 8.62, a current ratio of 8.62 and a debt-to-equity ratio of 0.08.

Fervo Energy (NASDAQ:FRVO) last issued its quarterly 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 business had revenue of $0.11 million for the quarter. On average, sell-side analysts expect that Fervo Energy Company will post -0.54 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Sterling Capital Management LLC purchased a new stake in Fervo Energy in the 3rd quarter worth $27,000. Signaturefd LLC lifted its position in shares of Fervo Energy by 175.0% in the third quarter. Signaturefd LLC now owns 2,200 shares of the company’s stock valued at $30,000 after acquiring an additional 1,400 shares in the last quarter. SBI Securities Co. Ltd. lifted its position in shares of Fervo Energy by 387.3% in the third quarter. SBI Securities Co. Ltd. now owns 4,512 shares of the company’s stock valued at $61,000 after acquiring an additional 3,586 shares in the last quarter. Sax Wealth Advisors LLC purchased a new position in shares of Fervo Energy in the third quarter valued at about $154,000. Finally, Everett Harris & Co. CA bought a new position in shares of Fervo Energy in the third quarter worth about $190,000.

Fervo Energy Company Profile

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.