Fermi (NASDAQ:FRMI) Hits New 52-Week Low – Time to Sell?

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Cantor Fitzgerald reduced their price target 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. Weiss Ratings cut shares of Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, August 14th. Finally, Mizuho dropped their price objective on Fermi from $27.00 to $11.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Fermi currently has an average rating of “Moderate Buy” and a consensus price target of $16.86.

Fermi Price Performance

The stock’s 50 day simple moving average is $4.12 and its two-hundred day simple moving average is $6.43. The stock has a market cap of $1.31 billion and a P/E ratio of -1.73.

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

Insider Buying and Selling

In related news, major shareholder Toby Neugebauer sold 420,749 shares of the company’s stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $3.04, for a total value of $1,279,076.96. Following the completion of the transaction, the insider directly owned 91,188,910 shares of the company’s stock, valued at approximately $277,214,286.40. This represents a 0.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, 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 Trading of Fermi

A number of institutional investors have recently modified their holdings of FRMI. NewEdge Advisors LLC grew its holdings in Fermi by 22.5% during the second quarter. NewEdge Advisors LLC now owns 11,431 shares of the company’s stock worth $105,000 after purchasing an additional 2,101 shares during the period. Integrated Wealth Concepts LLC acquired a new position in Fermi during the second quarter worth approximately $41,000. Farther Finance Advisors LLC raised its stake in Fermi by 139.1% in 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 bought a new stake in Fermi in the third quarter valued at approximately $42,000. Finally, Financial Management Professionals Inc. acquired a new stake in shares of Fermi in the second quarter valued at approximately $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.