Fermi (NASDAQ:FRMI) Stock Falls 2.7% – Here’s What Happened

Fermi Inc. (NASDAQ:FRMI) traded down 2.7% on Wednesday. The company traded as low as $2.80 and last traded at $2.86. 16,132,232 shares changed hands during mid-day trading, an increase of 2% from the average session volume of 15,852,352 shares. The stock had previously closed at $2.94.

Analysts Set New Price Targets

FRMI has been the topic of several research analyst reports. Cantor Fitzgerald decreased their target price on shares of Fermi from $12.00 to $8.00 and set an “overweight” rating on the stock in a research report on Friday, October 16th. Stifel Nicolaus reduced their price objective on Fermi from $29.00 to $17.00 and set a “buy” rating on the stock in a research note on Tuesday, June 23rd. Weiss Ratings lowered Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, August 14th. Finally, Mizuho dropped their price target on shares of Fermi from $27.00 to $11.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 28th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $20.67.

Fermi Price Performance

The company has a market capitalization of $1.83 billion and a P/E ratio of -2.42. The company has a fifty day moving average price of $4.82 and a 200 day moving average price of $5.91.

Fermi (NASDAQ:FRMI) last released its quarterly earnings data on Thursday, August 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. During the same period last year, the business posted ($0.02) EPS. On average, equities research analysts predict that Fermi Inc. will post -0.33 earnings per share for the current fiscal year.

Insider Transactions at Fermi

In other Fermi news, major shareholder Toby R. Neugebauer sold 1,297,200 shares of the firm’s stock in a transaction on Wednesday, October 14th. The stock was sold at an average price of $3.15, for a total value of $4,086,180.00. Following the sale, the insider directly owned 43,359,176 shares in the company, valued at approximately $136,581,404.40. This trade represents a 2.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.83% of the company’s stock.

Institutional Trading of Fermi

Large investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in Fermi in the 2nd quarter valued at about $38,499,000. Value Aligned Research Advisors LLC acquired a new position in Fermi during the 2nd quarter valued at about $12,531,000. Philadelphia Financial Management of San Francisco LLC bought a new position in Fermi in the 2nd quarter worth about $3,893,000. Alyeska Investment Group L.P. grew its position in Fermi by 82.4% in the 2nd quarter. Alyeska Investment Group L.P. now owns 2,886,836 shares of the company’s stock worth $26,443,000 after purchasing an additional 1,303,979 shares during the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new stake in shares of Fermi in the second quarter valued at approximately $1,845,000.

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.