Fermi (NASDAQ:FRMI) Stock Falls 8.7% – What’s Next?

Fermi Inc. (NASDAQ:FRMI) traded down 8.7% during mid-day trading on Friday. The stock traded as low as $2.52 and last traded at $2.61. Approximately 15,614,555 shares traded hands during mid-day trading, a decline of 2% from the average session volume of 15,915,947 shares. The stock had previously closed at $2.86.

Analyst Ratings Changes

A number of brokerages recently commented on FRMI. Cantor Fitzgerald dropped their price target on shares of Fermi from $12.00 to $8.00 and set an “overweight” rating on the stock in a research note on Friday, October 16th. Weiss Ratings cut shares of Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, August 14th. Finally, Mizuho cut their price target on Fermi from $27.00 to $11.00 and set an “outperform” rating for the company in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Fermi has a consensus rating of “Moderate Buy” and an average target price of $16.86.

Fermi Trading Down 8.7%

The company’s fifty day simple moving average is $4.26 and its 200 day simple moving average is $6.51. The stock has a market capitalization of $1.67 billion and a P/E ratio of -2.21.

Fermi (NASDAQ:FRMI) last issued its quarterly earnings data 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 period in the previous year, the company posted ($0.02) earnings per share. Equities research analysts predict that Fermi Inc. will post -0.33 earnings per share for the current year.

Insider Buying and Selling at Fermi

In other news, major shareholder Toby Neugebauer sold 420,749 shares of Fermi stock in a transaction dated Tuesday, October 20th. The stock was sold at an average price of $3.04, for a total transaction of $1,279,076.96. Following the completion of the sale, the insider owned 91,188,910 shares in the company, valued at approximately $277,214,286.40. This trade represents a 0.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders sold 4,467,949 shares of company stock valued at $15,622,757. Company insiders own 2.83% of the company’s stock.

Institutional Investors Weigh In On Fermi

Several hedge funds have recently bought and sold shares of FRMI. BlackRock Inc. purchased a new position in shares of Fermi during the second quarter valued at approximately $38,499,000. BlueCrest Capital Management Ltd purchased a new stake in Fermi in the second quarter worth $33,276,000. Alyeska Investment Group L.P. boosted its holdings in Fermi by 82.4% in 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 acquiring an additional 1,303,979 shares in the last quarter. Weiss Asset Management LP boosted 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 valued at $14,104,000 after acquiring an additional 1,960,764 shares in the last quarter. Finally, Ratan Capital Management LP bought a new stake in Fermi in the second quarter valued at $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.