Fermi (NASDAQ:FRMI) Stock Price Down 8.8% – Time to Sell?

Fermi Inc. (NASDAQ:FRMI) shares traded down 8.8% during trading on Thursday . The stock traded as low as $7.91 and last traded at $7.9130. 1,968,047 shares were traded during mid-day trading, a decline of 72% from the average session volume of 7,034,034 shares. The stock had previously closed at $8.68.

Analyst Ratings Changes

A number of research firms recently commented on FRMI. Texas Capital raised shares of Fermi to a “strong-buy” rating in a research note on Tuesday, January 20th. Wall Street Zen raised Fermi from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. Citigroup began coverage on Fermi in a research report on Monday, February 9th. They set an “outperform” rating on the stock. Citizens Jmp started coverage on Fermi in a research report on Monday, February 9th. They set a “market outperform” rating and a $30.00 price objective for the company. Finally, Weiss Ratings initiated coverage on Fermi in a report on Wednesday, December 24th. They issued a “sell (e+)” rating on the stock. Three research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $31.44.

Fermi Stock Performance

The firm has a market cap of $4.89 billion and a P/E ratio of -9.48. The firm has a 50 day simple moving average of $9.25.

Institutional Trading of Fermi

Institutional investors and hedge funds have recently made changes to their positions in the stock. Balyasny Asset Management L.P. acquired a new position in shares of Fermi during the 4th quarter valued at about $16,549,000. M&G PLC bought a new stake in Fermi during the fourth quarter worth approximately $14,443,000. Nuveen LLC bought a new stake in Fermi during the fourth quarter worth approximately $11,067,000. Millennium Management LLC acquired a new position in Fermi during the fourth quarter valued at approximately $10,871,000. Finally, Nexpoint Asset Management L.P. bought a new position in shares of Fermi in the fourth quarter valued at approximately $10,412,000.

Fermi Company Profile

Fermi’s mission is to power the artificial intelligence (“AI”) needs of tomorrow. We are an advanced energy and hyperscaler development company purpose-built for the AI era. Our mission is to deliver up to 11 gigawatts (“GW”) of low-carbon, HyperRedundant™, and on-demand power directly to the world’s most compute-intensive businesses with 1.1 GW of power projected to be online by the end of 2026. We have entered into a long-term lease on a site large enough to simultaneously house the next three largest data center campuses by square footage currently in existence.