Fermi (NASDAQ:FRMI) Sees Unusually-High Trading Volume – Here’s Why

Shares of Fermi Inc. (NASDAQ:FRMI) saw unusually-high trading volume on Thursday. Approximately 24,831,088 shares changed hands during trading, an increase of 51% from the average daily volume of 16,426,385 shares. The stock last traded at $1.9590 and had previously closed at $1.81.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Mizuho cut their price target on shares of Fermi from $27.00 to $11.00 and set an “outperform” rating for the company in a report on Tuesday, July 28th. Cantor Fitzgerald decreased their price objective on shares of Fermi from $12.00 to $8.00 and set an “overweight” rating on the stock in a research note on Friday, October 16th. Finally, Weiss Ratings downgraded shares of Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $13.83.

Fermi Trading Up 20.2%

The stock has a market cap of $1.39 billion and a price-to-earnings ratio of -1.84. The stock’s 50-day moving average price is $3.68 and its 200-day moving average price is $6.20.

Fermi (NASDAQ:FRMI) last issued its quarterly earnings results on Thursday, November 12th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.15). As a group, analysts predict that Fermi Inc. will post -0.33 earnings per share for the current year.

Insider Activity

In other Fermi news, major shareholder Toby Neugebauer sold 5,000,000 shares of Fermi stock in a transaction dated Thursday, November 5th. The stock was sold at an average price of $1.52, for a total transaction of $7,600,000.00. Following the completion of the transaction, the insider owned 84,813,010 shares in the company, valued at approximately $128,915,775.20. The trade was a 5.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 12,125,749 shares of company stock worth $28,639,969 in the last ninety days. 2.83% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fermi

A number of institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Fermi in the 2nd quarter valued at about $38,499,000. Value Aligned Research Advisors LLC purchased a new position in shares of Fermi in the 2nd quarter worth approximately $12,531,000. Philadelphia Financial Management of San Francisco LLC purchased a new position in shares of Fermi in the 2nd quarter worth approximately $3,893,000. Alyeska Investment Group L.P. boosted its stake in shares of 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 buying an additional 1,303,979 shares during the last quarter. Finally, Sequoia Financial Advisors LLC bought a new position in shares of Fermi in the second quarter valued at approximately $1,845,000.

About Fermi

Fermi Inc. develops energy and data-center infrastructure intended to support artificial intelligence and other high-performance computing needs. Its business centers on planning and building integrated campuses that pair large-scale power resources with data-center facilities. The company’s flagship development is Project Matador, a planned campus in the Texas Panhandle near Amarillo. The project is designed to combine data centers with a mix of power-generation and energy-storage resources; it remains a development project rather than an established portfolio of operating facilities.