Fermi (NASDAQ:FRMI) Stock Price Down 2.7% – Here’s Why

Fermi Inc. (NASDAQ:FRMI)’s stock price traded down 2.7% during mid-day trading on Wednesday. The company traded as low as $2.80 and last traded at $2.86. 16,132,232 shares traded hands during trading, an increase of 2% from the average session volume of 15,852,352 shares. The stock had previously closed at $2.94.

Analysts Set New Price Targets

FRMI has been the topic of several analyst reports. Cantor Fitzgerald dropped their target price on Fermi from $12.00 to $8.00 and set an “overweight” rating on the stock in a report on Friday, October 16th. Weiss Ratings downgraded shares of Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, August 14th. Finally, Mizuho decreased their price objective on Fermi from $27.00 to $11.00 and set an “outperform” rating on the stock in a report on Tuesday, July 28th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $20.67.

Fermi Stock Performance

The stock has a fifty day simple moving average of $4.64 and a two-hundred day simple moving average of $5.88. The stock has a market cap of $1.64 billion and a price-to-earnings ratio of -2.17.

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 period in the prior year, the firm earned ($0.02) earnings per share. Equities analysts expect that Fermi Inc. will post -0.33 earnings per share for the current fiscal year.

Insider Transactions at Fermi

In other Fermi news, major shareholder Toby Neugebauer sold 2,750,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 13th. The shares were sold at an average price of $3.73, for a total value of $10,257,500.00. Following the completion of the transaction, the insider directly owned 91,609,659 shares in the company, valued at approximately $341,704,028.07. This represents a 2.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders have sold 4,467,949 shares of company stock valued at $15,622,757. Corporate insiders own 2.83% of the company’s stock.

Hedge Funds Weigh In On Fermi

A number of hedge funds have recently made changes to their positions in FRMI. Integrated Wealth Concepts LLC bought a new position in Fermi during the second quarter worth $41,000. NewEdge Advisors LLC acquired a new position in Fermi during the first quarter worth $54,000. SteelPeak Wealth LLC acquired a new stake in shares of Fermi in the 3rd quarter worth about $42,000. Farther Finance Advisors LLC lifted its holdings in shares of 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 purchasing an additional 6,083 shares in the last quarter. Finally, Financial Management Professionals Inc. bought a new position in Fermi during the 2nd quarter valued at $104,000.

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.