Fermi Inc. (NASDAQ:FRMI – Get Free Report) shares hit a new 52-week low during trading on Tuesday. The company traded as low as $2.97 and last traded at $3.02, with a volume of 21,869,767 shares traded. The stock had previously closed at $3.16.
Analyst Ratings Changes
A number of equities research analysts have issued reports on the company. Weiss Ratings cut Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, August 14th. Mizuho reduced 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. Finally, Cantor Fitzgerald lowered their price target on shares of Fermi from $12.00 to $8.00 and set an “overweight” rating for the company in a research report on Friday, October 16th. Two 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 assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $20.67.
View Our Latest Analysis on FRMI
Fermi Stock Down 2.7%
The firm’s 50 day simple moving average is $4.72 and its 200 day simple moving average is $5.90.
Fermi (NASDAQ:FRMI – Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.02. During the same period last year, the company earned ($0.02) EPS. Equities research analysts forecast that Fermi Inc. will post -0.33 EPS for the current fiscal year.
Insiders Place Their Bets
In other Fermi news, major shareholder Toby R. Neugebauer sold 1,297,200 shares of Fermi stock in a transaction on Wednesday, October 14th. The stock was 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 of the company’s stock, valued at $136,581,404.40. The trade was a 2.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.83% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in FRMI. BlackRock Inc. bought a new position in shares of Fermi in the second quarter worth $38,499,000. BlueCrest Capital Management Ltd bought a new stake in shares of Fermi during the second quarter valued at about $33,276,000. Alyeska Investment Group L.P. raised its stake in shares of Fermi by 82.4% during the second 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 lifted its holdings in Fermi by 431.6% in the first 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 stake in Fermi in the second quarter worth about $19,774,000.
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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