Fermi (NASDAQ:FRMI) Stock Price Down 4.7% – Here’s Why

Fermi Inc. (NASDAQ:FRMI)’s stock price fell 4.7% during trading on Wednesday . The stock traded as low as $7.14 and last traded at $7.1130. 1,394,424 shares were traded during trading, a decline of 80% from the average session volume of 7,037,183 shares. The stock had previously closed at $7.46.

Analyst Ratings Changes

Several brokerages recently weighed in on FRMI. Wall Street Zen upgraded shares of Fermi from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Fermi in a research note on Monday. Texas Capital upgraded shares of Fermi to a “strong-buy” rating in a report on Tuesday, January 20th. Citizens Jmp started coverage on Fermi in a research note on Monday, February 9th. They issued a “market outperform” rating and a $30.00 target price for the company. Finally, Citigroup initiated coverage on Fermi in a report on Monday, February 9th. They issued an “outperform” rating for the company. Three research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Fermi has a consensus rating of “Buy” and an average target price of $31.44.

Fermi Trading Down 8.7%

The stock’s 50 day moving average is $8.87. The stock has a market cap of $3.73 billion and a PE ratio of -7.24.

Hedge Funds Weigh In On Fermi

Large investors have recently modified their holdings of the business. Leonteq Securities AG bought a new position in shares of Fermi in the 4th quarter valued at about $30,000. PNC Financial Services Group Inc. bought a new position in shares of Fermi in the fourth quarter valued at $36,000. Aspect Partners LLC acquired a new position in Fermi during the fourth quarter worth $38,000. SBI Securities Co. Ltd. bought a new stake in Fermi during the fourth quarter worth $41,000. Finally, MML Investors Services LLC bought a new stake in Fermi during the fourth quarter worth $81,000.

Fermi Company Profile

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.