Fervo Energy (NASDAQ:FRVO) Hits New 52-Week Low – Here’s Why

Fervo Energy Company (NASDAQ:FRVO)’s share price reached a new 52-week low on Thursday . The company traded as low as $16.74 and last traded at $16.86, with a volume of 1870737 shares trading hands. The stock had previously closed at $17.83.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Robert W. Baird reduced 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. Piper Sandler reiterated an “overweight” rating on shares of Fervo Energy in a report on Tuesday, June 23rd. Guggenheim upgraded shares of 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. Bank of America raised shares of Fervo Energy from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $40.00 to $36.00 in a report on Friday, July 17th. Finally, Jefferies Financial Group upgraded shares of Fervo Energy from a “hold” rating to a “buy” rating and lowered their target price for the stock from $41.00 to $34.00 in a research report on Monday, July 20th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $44.00.

Fervo Energy Stock Performance

The firm has a 50 day moving average price of $25.81.

Fervo Energy (NASDAQ:FRVO) last released its earnings results on Wednesday, August 12th. The company reported ($0.38) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.29). The company had revenue of $0.11 million during the quarter. On average, research analysts predict that Fervo Energy Company will post -0.42 EPS for the current year.

Institutional Trading of Fervo Energy

Several institutional investors have recently made changes to their positions in the stock. Ranger Investment Management L.P. acquired a new stake in shares of Fervo Energy during the 2nd quarter worth $1,455,000. Wellington Management Group LLP acquired a new position in Fervo Energy in the second quarter valued at $129,600,000. Resolute Advisors LLC acquired a new position in Fervo Energy in the second quarter valued at $5,285,000. Finally, AXQ Capital LP purchased a new stake in Fervo Energy during the second quarter valued at about $499,000.

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.