Fermi (NASDAQ:FRMI) Stock Price Down 10.8% – Should You Sell?

Fermi Inc. (NASDAQ:FRMI)’s stock price fell 10.8% on Wednesday. The company traded as low as $1.80 and last traded at $1.82. 36,865,111 shares traded hands during trading, an increase of 129% from the average session volume of 16,113,231 shares. The stock had previously closed at $2.04.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FRMI. Cantor Fitzgerald lowered their price target on Fermi from $12.00 to $8.00 and set an “overweight” rating on the stock in a report on Friday, October 16th. Weiss Ratings cut Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, August 14th. Finally, Mizuho decreased 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. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Fermi currently has an average rating of “Moderate Buy” and a consensus price target of $16.86.

Fermi Price Performance

The firm has a market cap of $1.17 billion and a PE ratio of -1.54. The company has a 50-day simple moving average of $4.12 and a 200-day simple moving average of $6.43.

Fermi (NASDAQ:FRMI) last released its quarterly earnings data on Thursday, August 13th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.02. During the same period in the previous year, the company earned ($0.02) EPS. As a group, equities research analysts predict that Fermi Inc. will post -0.33 earnings per share for the current year.

Insider Transactions at Fermi

In other Fermi news, major shareholder Toby Neugebauer sold 2,750,000 shares of Fermi 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 owned 91,609,659 shares in the company, valued at $341,704,028.07. The trade was a 2.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 4,467,949 shares of company stock valued at $15,622,757 in the last 90 days. 2.83% of the stock is owned by insiders.

Institutional Investors Weigh In On Fermi

Large investors have recently modified their holdings of the business. Integrated Wealth Concepts LLC acquired a new position in Fermi in the 2nd quarter worth approximately $41,000. SteelPeak Wealth LLC purchased a new position in Fermi during the third quarter worth approximately $42,000. Farther Finance Advisors LLC grew its position in shares of Fermi by 139.1% in the third quarter. Farther Finance Advisors LLC now owns 10,456 shares of the company’s stock valued at $44,000 after purchasing an additional 6,083 shares during the period. NewEdge Advisors LLC acquired a new stake in Fermi in the 1st quarter worth about $54,000. Finally, Chicago Partners Investment Group LLC acquired a new position in shares of Fermi during the third quarter valued at approximately $64,000.

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.