Fermi (NASDAQ:FRMI) Stock Falls 7.3% – Time to Sell?

Fermi Inc. (NASDAQ:FRMI) was down 7.3% during trading on Tuesday. The stock traded as low as $2.00 and last traded at $2.04. 30,516,479 shares were traded during mid-day trading, an increase of 90% from the average daily volume of 16,023,965 shares. The stock had previously closed at $2.20.

Analyst Upgrades and Downgrades

FRMI has been the topic of several analyst reports. Cantor Fitzgerald reduced their price target on Fermi from $12.00 to $8.00 and set an “overweight” rating on the stock in a report on Friday, October 16th. Mizuho reduced their target price on shares of 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 downgraded Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $16.86.

Fermi Stock Down 7.3%

The company has a market capitalization of $1.31 billion and a price-to-earnings ratio of -1.73. The stock has a fifty day moving average price of $4.19 and a two-hundred day moving average price of $6.47.

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

Insiders Place Their Bets

In other news, major shareholder Toby Neugebauer sold 2,750,000 shares of the business’s stock in a transaction on Tuesday, October 13th. The shares were sold at an average price of $3.73, for a total transaction of $10,257,500.00. Following the transaction, the insider directly owned 91,609,659 shares of the company’s stock, valued at approximately $341,704,028.07. The trade was 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 this hyperlink. In the last three months, insiders sold 4,467,949 shares of company stock valued at $15,622,757. 2.83% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fermi

Several large investors have recently modified their holdings of FRMI. Pictet Asset Management Holding SA acquired a new position in Fermi during the 3rd quarter valued at $218,000. CenterBook Partners LP boosted its stake in shares of Fermi by 997.7% in the 3rd quarter. CenterBook Partners LP now owns 1,879,838 shares of the company’s stock valued at $7,914,000 after purchasing an additional 1,708,587 shares in the last quarter. Chicago Partners Investment Group LLC acquired a new stake in shares of Fermi during the third quarter worth approximately $64,000. Covestor Ltd raised its position in Fermi by 16.2% in the 3rd quarter. Covestor Ltd now owns 243,577 shares of the company’s stock valued at $1,025,000 after purchasing an additional 34,005 shares during the last quarter. Finally, Mraz Amerine & Associates Inc. acquired a new position in Fermi during the 3rd quarter worth about $108,000.

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.