Fermi (NASDAQ:FRMI) Shares Down 10.2% – What’s Next?

Shares of Fermi Inc. (NASDAQ:FRMI) traded down 10.2% during trading on Tuesday . The stock traded as low as $7.38 and last traded at $7.3750. Approximately 5,619,881 shares traded hands during trading, a decline of 58% from the average daily volume of 13,463,938 shares. The stock had previously closed at $8.21.

Analyst Upgrades and Downgrades

FRMI has been the subject of several research reports. UBS Group cut Fermi from a “buy” rating to a “neutral” rating and set a $6.00 price target for the company. in a report on Tuesday, May 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Fermi in a report on Thursday, July 2nd. Stifel Nicolaus reduced their target price on shares of Fermi from $29.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, June 23rd. Wall Street Zen downgraded shares of Fermi from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Finally, Evercore cut shares of Fermi from an “outperform” rating to an “in-line” rating and set a $11.00 price objective for the company. in a research note on Friday, May 15th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $22.44.

Fermi Stock Performance

The company has a market cap of $4.68 billion and a price-to-earnings ratio of -6.40. The business has a fifty day moving average price of $6.94 and a 200 day moving average price of $7.64.

Fermi (NASDAQ:FRMI) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.25). As a group, equities analysts anticipate that Fermi Inc. will post 0.34 EPS for the current year.

Insider Buying and Selling

In related news, insider Mesut Uzman sold 79,509 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $6.31, for a total transaction of $501,701.79. Following the completion of the transaction, the insider directly owned 670,491 shares in the company, valued at $4,230,798.21. This represents a 10.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James Richard Perry sold 863,637 shares of the stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $7.31, for a total transaction of $6,313,186.47. Following the completion of the transaction, the director directly owned 15,827,807 shares of the company’s stock, valued at approximately $115,701,269.17. The trade was a 5.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 1,022,178 shares of company stock worth $7,313,580.

Institutional Trading of Fermi

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Byrne Asset Management LLC bought a new position in shares of Fermi in the 2nd quarter valued at $109,000. M.E. Allison & CO. Inc. acquired a new position in Fermi in the 2nd quarter worth about $137,000. NewEdge Advisors LLC bought a new position in Fermi in the first quarter valued at about $54,000. Concorde Asset Management LLC boosted its stake in shares of Fermi by 154.9% during the first quarter. Concorde Asset Management LLC now owns 38,610 shares of the company’s stock valued at $225,000 after purchasing an additional 23,460 shares in the last quarter. Finally, Royal Bank of Canada boosted its stake in shares of Fermi by 95.7% during the first quarter. Royal Bank of Canada now owns 53,866 shares of the company’s stock valued at $315,000 after purchasing an additional 26,341 shares in the last quarter.

About Fermi

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.