Fermi (NASDAQ:FRMI) Major Shareholder Toby Neugebauer Sells 420,749 Shares of Stock

Fermi Inc. (NASDAQ:FRMI) major shareholder Toby Neugebauer sold 420,749 shares of the business’s stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $3.04, for a total transaction of $1,279,076.96. Following the sale, the insider directly owned 91,188,910 shares of the company’s stock, valued at $277,214,286.40. This represents a 0.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Fermi Stock Performance

FRMI stock opened at $2.65 on Friday. The business has a fifty day simple moving average of $4.64 and a 200-day simple moving average of $5.88. Fermi Inc. has a 52 week low of $2.59 and a 52 week high of $30.90.

Fermi (NASDAQ:FRMI) last issued its earnings results on Thursday, August 13th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. During the same period last year, the firm posted ($0.02) earnings per share. Research analysts expect that Fermi Inc. will post -0.33 EPS for the current year.

Institutional Investors Weigh In On Fermi

Large investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in shares of Fermi in the 2nd quarter valued at $38,499,000. BlueCrest Capital Management Ltd acquired a new position in shares of Fermi during the 2nd quarter valued at $33,276,000. Alyeska Investment Group L.P. lifted its holdings in shares of Fermi by 82.4% during the 2nd quarter. Alyeska Investment Group L.P. now owns 2,886,836 shares of the company’s stock valued at $26,443,000 after acquiring an additional 1,303,979 shares in the last quarter. Ratan Capital Management LP purchased a new stake in Fermi during the 2nd quarter worth $19,774,000. Finally, Bank of America Corp DE purchased a new stake in Fermi during the 2nd quarter worth $17,859,000.

Wall Street Analyst Weigh In

FRMI has been the topic of a number of research reports. Cantor Fitzgerald cut their price objective on Fermi from $12.00 to $8.00 and set an “overweight” rating on the stock in a report on Friday, October 16th. Mizuho decreased their target price on Fermi from $27.00 to $11.00 and set an “outperform” rating for the company in a report on Tuesday, July 28th. Finally, Weiss Ratings cut Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, August 14th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $20.67.

Fermi Company Profile

Fermi, Inc (NASDAQ: FRMI) is an energy and infrastructure company focused on developing large-scale power and data center facilities for artificial intelligence and other high-performance computing applications. Its business model centers on integrating electricity generation, energy storage and data center infrastructure within a single campus.

The company’s principal development is Project Matador, a planned energy and data center campus in the Texas Panhandle. The project is designed to use a mix of power sources, including nuclear energy, natural gas, solar generation and battery storage, with the goal of providing reliable electricity for data center customers.

Fermi’s activities are currently concentrated in the United States, particularly Texas.