Fermi Inc. (NASDAQ:FRMI – Get Free Report) fell 11.1% on Friday after an insider sold shares in the company. The company traded as low as $5.56 and last traded at $5.4950. 3,691,654 shares were traded during mid-day trading, a decline of 69% from the average session volume of 11,941,854 shares. The stock had previously closed at $6.18.
Specifically, insider Mesut Uzman sold 79,509 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $6.31, for a total value of $501,701.79. Following the completion of the sale, the insider owned 670,491 shares of the company’s stock, valued at $4,230,798.21. This trade represents a 10.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Mesut Uzman sold 79,032 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $6.31, for a total value of $498,691.92. Following the completion of the sale, the insider directly owned 670,968 shares of the company’s stock, valued at approximately $4,233,808.08. This trade represents a 10.54% decrease in their position. The disclosure for this sale is available in the SEC filing.
Analyst Upgrades and Downgrades
Several brokerages have recently commented on FRMI. Cantor Fitzgerald began coverage on Fermi in a research report on Thursday, April 9th. They issued an “overweight” rating and a $8.00 target price for the company. Wall Street Zen cut shares of Fermi from a “hold” rating to a “sell” rating in a report on Sunday, May 10th. Weiss Ratings restated a “sell (e+)” rating on shares of Fermi in a report on Monday, March 23rd. UBS Group downgraded shares of Fermi from a “buy” rating to a “neutral” rating and set a $6.00 target price for the company. in a research report on Tuesday, May 5th. Finally, Citigroup assumed coverage on shares of Fermi in a research report on Monday, February 9th. They issued an “outperform” rating for the company. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $23.78.
Fermi Stock Down 11.5%
The stock has a market cap of $3.49 billion and a price-to-earnings ratio of -4.81. The business has a 50-day moving average of $5.78 and a 200-day moving average of $8.73.
Fermi (NASDAQ:FRMI – Get Free Report) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.25). Equities analysts anticipate that Fermi Inc. will post 0.4 earnings per share for the current year.
Institutional Trading of Fermi
A number of institutional investors have recently added to or reduced their stakes in the business. ORG Wealth Partners LLC acquired a new stake in shares of Fermi in the fourth quarter worth about $151,000. Nisa Investment Advisors LLC acquired a new stake in shares of Fermi in the fourth quarter worth about $423,000. Prime Capital Investment Advisors LLC acquired a new stake in shares of Fermi in the fourth quarter worth about $84,000. Choreo LLC acquired a new stake in shares of Fermi in the fourth quarter worth about $98,000. Finally, Aspect Partners LLC acquired a new stake in shares of Fermi in the fourth quarter worth about $38,000.
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.
Featured Articles
- Five stocks we like better than Fermi
- NVIDIA’s New Power Play: Why Fluence Is Surging
- Broadcom’s Whiplash: Shares Tank After Pre-Earnings Surge
- Five Below Down 12% Post Earnings—Is the Selloff Overdone?
- The Market Has Ollie’s Bargain Outlet Completely Wrong
Receive News & Ratings for Fermi Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fermi and related companies with MarketBeat.com's FREE daily email newsletter.
