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

Fermi Inc. (NASDAQ:FRMI)’s stock price hit a new 52-week low during mid-day trading on Monday. The company traded as low as $2.47 and last traded at $2.4650, with a volume of 1,533,292 shares trading hands. The stock had previously closed at $2.55.

Wall Street Analysts Forecast Growth

FRMI has been the subject of a number of research reports. Weiss Ratings lowered Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, August 14th. Mizuho dropped their target price on Fermi from $27.00 to $11.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 28th. Finally, Cantor Fitzgerald decreased their price objective on Fermi from $12.00 to $8.00 and set an “overweight” rating for the company in a 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 issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $20.67.

Fermi Stock Performance

The firm has a market cap of $1.64 billion and a PE ratio of -2.16. The firm’s 50 day moving average price is $4.57 and its two-hundred day moving average price is $5.86.

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

Insider Activity at Fermi

In other Fermi news, major shareholder Toby Neugebauer sold 420,749 shares of Fermi stock in a transaction that occurred 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 sale, the insider directly owned 91,188,910 shares of the company’s stock, valued at approximately $277,214,286.40. The trade was a 0.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 4,467,949 shares of company stock worth $15,622,757 in the last ninety days. Insiders own 2.83% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of FRMI. BlackRock Inc. bought a new stake in Fermi during the second quarter valued at $38,499,000. BlueCrest Capital Management Ltd bought a new position in shares of Fermi in the second quarter valued at $33,276,000. Ratan Capital Management LP acquired a new stake in Fermi during the 2nd quarter valued at $19,774,000. Weiss Asset Management LP boosted its holdings in shares of Fermi by 431.6% during 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, Bank of America Corp DE purchased a new position in Fermi in the second quarter valued at about $17,859,000.

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.