Shares of Fermi Inc. (NASDAQ:FRMI – Get Free Report) traded down 2.6% during trading on Tuesday. The stock traded as low as $2.87 and last traded at $2.94. 12,472,975 shares traded hands during trading, a decline of 21% from the average session volume of 15,844,053 shares. The stock had previously closed at $3.02.
Analyst Ratings Changes
A number of equities analysts recently commented on the company. Mizuho decreased their price target on Fermi from $27.00 to $11.00 and set an “outperform” rating for the company in a research note on Tuesday, July 28th. Cantor Fitzgerald cut their price objective on 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 cut Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $20.67.
Read Our Latest Stock Report on Fermi
Fermi Trading Down 2.7%
The firm’s 50 day simple moving average is $4.72 and its two-hundred day simple moving average is $5.90.
Fermi (NASDAQ:FRMI – Get Free Report) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. During the same quarter in the prior year, the company earned ($0.02) earnings per share. On average, equities research analysts forecast that Fermi Inc. will post -0.33 EPS for the current year.
Insiders Place Their Bets
In related news, major shareholder Toby R. Neugebauer sold 1,297,200 shares of the stock in a transaction dated Wednesday, October 14th. The shares were sold at an average price of $3.15, for a total transaction of $4,086,180.00. Following the sale, the insider owned 43,359,176 shares in the company, valued at $136,581,404.40. This represents a 2.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.83% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Fermi
A number of large investors have recently bought and sold shares of the business. BlackRock Inc. bought a new position in shares of Fermi during the second quarter valued at approximately $38,499,000. Value Aligned Research Advisors LLC acquired a new stake in shares of Fermi during the 2nd quarter worth approximately $12,531,000. Philadelphia Financial Management of San Francisco LLC acquired a new stake in shares of Fermi during the 2nd quarter worth approximately $3,893,000. Alyeska Investment Group L.P. lifted its holdings 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 purchasing an additional 1,303,979 shares during the last quarter. Finally, Sequoia Financial Advisors LLC bought a new stake in shares of Fermi in the 2nd quarter worth approximately $1,845,000.
About Fermi
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.
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