Fermi (NASDAQ:FRMI) Hits New 12-Month Low – Here’s What Happened

Shares of Fermi Inc. (NASDAQ:FRMI) hit a new 52-week low during mid-day trading on Monday. The stock traded as low as $2.41 and last traded at $2.4290, with a volume of 3,034,306 shares trading hands. The stock had previously closed at $2.61.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Cantor Fitzgerald reduced their price objective on shares of Fermi from $12.00 to $8.00 and set an “overweight” rating for the company in a research note on Friday, October 16th. Mizuho dropped their target price on Fermi from $27.00 to $11.00 and set an “outperform” rating on the stock in a report on Tuesday, July 28th. Finally, Weiss Ratings cut Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, August 14th. One equities 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 assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $16.86.

Fermi Price Performance

The stock has a market capitalization of $1.46 billion and a P/E ratio of -1.94. The stock’s 50-day simple moving average is $4.26 and its 200 day simple moving average is $6.51.

Fermi (NASDAQ:FRMI) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. During the same quarter last year, the business posted ($0.02) earnings per share. As a group, analysts expect that Fermi Inc. will post -0.33 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Toby Neugebauer sold 2,750,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 13th. The stock was sold at an average price of $3.73, for a total transaction of $10,257,500.00. Following the completion of the sale, the insider owned 91,609,659 shares of the company’s stock, valued at $341,704,028.07. This trade represents a 2.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last 90 days, insiders have sold 4,467,949 shares of company stock valued at $15,622,757. 2.83% of the stock is currently owned by insiders.

Institutional Trading of Fermi

Several institutional investors and hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC raised its stake in Fermi by 22.5% in the 2nd quarter. NewEdge Advisors LLC now owns 11,431 shares of the company’s stock valued at $105,000 after acquiring an additional 2,101 shares during the period. Integrated Wealth Concepts LLC bought a new stake in Fermi in the 2nd quarter worth $41,000. Farther Finance Advisors LLC increased its stake in shares of Fermi by 139.1% during the third quarter. Farther Finance Advisors LLC now owns 10,456 shares of the company’s stock valued at $44,000 after buying an additional 6,083 shares during the period. SteelPeak Wealth LLC purchased a new position in shares of Fermi during the 3rd quarter worth approximately $42,000. Finally, Financial Management Professionals Inc. bought a new position in shares of Fermi during the second quarter valued at $104,000.

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.