Fervo Energy (NASDAQ:FRVO) Stock Price Down 6.4% – Here’s Why

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

Analyst Ratings Changes

FRVO has been the topic of several research reports. Zacks Research raised shares of Fervo Energy to a “hold” rating in a research report on Tuesday, June 9th. Roth Capital initiated coverage on shares of Fervo Energy in a research note on Thursday, June 11th. They set a “buy” rating and a $45.00 price target on the stock. Guggenheim upgraded Fervo Energy to a “strong-buy” rating and set a $48.00 price objective for the company in a research note on Monday, June 8th. Wall Street Zen upgraded shares of Fervo Energy from a “strong sell” rating to a “sell” rating in a research report on Monday, July 20th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $46.00 price target on shares of Fervo Energy in a research report on Tuesday, June 23rd. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Fervo Energy currently has an average rating of “Buy” and a consensus price target of $44.00.

Fervo Energy Stock Performance

The company’s fifty day simple moving average is $27.46.

Fervo Energy (NASDAQ:FRVO) last announced 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. Research analysts forecast that Fervo Energy Company will post -0.39 earnings per share for the current year.

Institutional Trading of Fervo Energy

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

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.