Fermi Inc. (NASDAQ:FRMI – Get Free Report)’s stock price was down 15.3% during mid-day trading on Monday. The company traded as low as $2.19 and last traded at $2.21. Approximately 25,983,022 shares changed hands during trading, an increase of 63% from the average daily volume of 15,967,230 shares. The stock had previously closed at $2.61.
Wall Street Analysts Forecast Growth
Several research analysts have commented on FRMI shares. Mizuho cut their price target on Fermi from $27.00 to $11.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 28th. Weiss Ratings downgraded Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, August 14th. Finally, Cantor Fitzgerald lowered 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. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.86.
View Our Latest Report on FRMI
Fermi Stock Down 10.8%
The business’s fifty day moving average price is $4.03 and its 200 day moving average price is $6.40.
Fermi (NASDAQ:FRMI – Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. During the same period last year, the firm earned ($0.02) EPS. As a group, sell-side analysts anticipate that Fermi Inc. will post -0.33 EPS for the current fiscal year.
Insider Transactions at Fermi
In other Fermi news, major shareholder Toby Neugebauer sold 2,750,000 shares of the company’s stock in a transaction on Tuesday, October 13th. The shares were sold at an average price of $3.73, for a total transaction of $10,257,500.00. Following the completion of the transaction, the insider owned 91,609,659 shares in the company, valued at approximately $341,704,028.07. This represents a 2.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders have sold 4,467,949 shares of company stock valued at $15,622,757. Insiders own 2.83% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in FRMI. BlackRock Inc. acquired a new stake in Fermi in the second quarter valued at about $38,499,000. BlueCrest Capital Management Ltd purchased a new stake in Fermi in the 2nd quarter valued at approximately $33,276,000. Alyeska Investment Group L.P. boosted its holdings 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 valued at $26,443,000 after purchasing an additional 1,303,979 shares in the last quarter. Weiss Asset Management LP increased its position in Fermi by 431.6% during the 1st quarter. Weiss Asset Management LP now owns 2,415,027 shares of the company’s stock worth $14,104,000 after purchasing an additional 1,960,764 shares during the period. Finally, Ratan Capital Management LP acquired a new position in Fermi during the 2nd quarter worth approximately $19,774,000.
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.
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