Fermi (NASDAQ:FRMI) Stock Falls 5.3% – Here’s What Happened

Fermi Inc. (NASDAQ:FRMI) shares traded down 5.3% during trading on Thursday. The stock traded as low as $2.79 and last traded at $2.86. 15,872,762 shares traded hands during trading, a decline of 0% from the average session volume of 15,921,067 shares. The stock had previously closed at $3.02.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Cantor Fitzgerald decreased their price target on Fermi from $12.00 to $8.00 and set an “overweight” rating for the company in a research note on Friday, October 16th. Weiss Ratings lowered Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, August 14th. Finally, Mizuho cut their price objective on Fermi from $27.00 to $11.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $16.86.

Fermi Stock Down 8.7%

The business’s 50 day moving average is $4.26 and its two-hundred day moving average is $6.51. The firm has a market cap of $1.67 billion and a P/E ratio of -2.21.

Fermi (NASDAQ:FRMI) last released its earnings results on Thursday, August 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.02. During the same quarter last year, the business posted ($0.02) earnings per share. Equities research analysts anticipate that Fermi Inc. will post -0.33 EPS for the current year.

Insider Activity

In other news, major shareholder Toby Neugebauer sold 2,750,000 shares of the business’s stock in a transaction dated Tuesday, October 13th. The stock was sold at an average price of $3.73, for a total value of $10,257,500.00. Following the transaction, the insider directly owned 91,609,659 shares of the company’s stock, valued at $341,704,028.07. The trade was a 2.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders sold 4,467,949 shares of company stock valued at $15,622,757. 2.83% of the stock is owned by insiders.

Institutional Investors Weigh In On Fermi

A number of hedge funds have recently added to or reduced their stakes in FRMI. BlackRock Inc. acquired a new position in Fermi during the 2nd quarter worth approximately $38,499,000. BlueCrest Capital Management Ltd acquired a new stake in Fermi in the second quarter valued at approximately $33,276,000. Alyeska Investment Group L.P. grew its stake in Fermi by 82.4% in the second 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 during the period. Weiss Asset Management LP grew its stake in Fermi by 431.6% in the first quarter. Weiss Asset Management LP now owns 2,415,027 shares of the company’s stock valued at $14,104,000 after acquiring an additional 1,960,764 shares during the period. Finally, Ratan Capital Management LP bought a new stake in shares of Fermi during the second quarter valued at approximately $19,774,000.

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.