Fermi (NASDAQ:FRMI) Stock Price Down 7.2% – Here’s What Happened

Shares of Fermi Inc. (NASDAQ:FRMI) fell 7.2% on Tuesday. The company traded as low as $1.50 and last traded at $1.54. 19,426,960 shares were traded during mid-day trading, an increase of 19% from the average session volume of 16,352,570 shares. The stock had previously closed at $1.66.

Wall Street Analyst Weigh In

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

Fermi Stock Performance

The company has a market cap of $987.54 million and a P/E ratio of -1.31. The business has a fifty day simple moving average of $3.81 and a 200 day simple moving average of $6.28.

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

Insider Activity at Fermi

In related news, major shareholder Toby Neugebauer sold 5,000,000 shares of the stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $1.52, for a total value of $7,600,000.00. Following the sale, the insider owned 84,813,010 shares of the company’s stock, valued at $128,915,775.20. This trade represents a 5.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 12,125,749 shares of company stock worth $28,639,969 in the last three months. 2.83% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fermi

Large investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in Fermi in the 2nd quarter valued at $38,499,000. BlueCrest Capital Management Ltd acquired a new position in shares of Fermi during the second quarter valued at about $33,276,000. Alyeska Investment Group L.P. raised its stake in Fermi by 82.4% during the 2nd quarter. Alyeska Investment Group L.P. now owns 2,886,836 shares of the company’s stock worth $26,443,000 after buying an additional 1,303,979 shares during the period. Ratan Capital Management LP bought a new position in shares of Fermi in the 2nd quarter worth $19,774,000. Finally, Bank of America Corp DE acquired a new position in shares of Fermi during the second quarter valued at about $17,859,000.

About Fermi

Fermi Inc. develops energy and data-center infrastructure intended to support artificial intelligence and other high-performance computing needs. Its business centers on planning and building integrated campuses that pair large-scale power resources with data-center facilities. The company’s flagship development is Project Matador, a planned campus in the Texas Panhandle near Amarillo. The project is designed to combine data centers with a mix of power-generation and energy-storage resources; it remains a development project rather than an established portfolio of operating facilities.