Fermi (NASDAQ:FRMI) Trading Down 4.7% – Should You Sell?

Fermi Inc. (NASDAQ:FRMI) shares fell 4.7% during trading on Wednesday . The stock traded as low as $7.14 and last traded at $7.1130. 1,394,424 shares were traded during mid-day trading, a decline of 80% from the average session volume of 7,037,183 shares. The stock had previously closed at $7.46.

Analysts Set New Price Targets

FRMI has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of Fermi from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. Citigroup started coverage on Fermi in a research note on Monday, February 9th. They set an “outperform” rating for the company. Citizens Jmp assumed coverage on Fermi in a research note on Monday, February 9th. They issued a “market outperform” rating and a $30.00 target price on the stock. Texas Capital upgraded shares of Fermi to a “strong-buy” rating in a report on Tuesday, January 20th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Fermi in a report on Monday. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Fermi presently has an average rating of “Buy” and a consensus target price of $31.44.

Fermi Stock Performance

The stock has a 50 day moving average of $9.00. The firm has a market capitalization of $4.25 billion and a P/E ratio of -8.26.

Institutional Investors Weigh In On Fermi

A number of hedge funds have recently made changes to their positions in FRMI. Leonteq Securities AG bought a new stake in Fermi during the fourth quarter valued at about $30,000. PNC Financial Services Group Inc. purchased a new stake in shares of Fermi during the fourth quarter valued at about $36,000. Aspect Partners LLC purchased a new stake in shares of Fermi during the fourth quarter valued at about $38,000. SBI Securities Co. Ltd. bought a new stake in shares of Fermi in the 4th quarter valued at about $41,000. Finally, MML Investors Services LLC purchased a new position in shares of Fermi in the 4th quarter worth approximately $81,000.

About Fermi

Fermi’s mission is to power the artificial intelligence (“AI”) needs of tomorrow. We are an advanced energy and hyperscaler development company purpose-built for the AI era. Our mission is to deliver up to 11 gigawatts (“GW”) of low-carbon, HyperRedundant™, and on-demand power directly to the world’s most compute-intensive businesses with 1.1 GW of power projected to be online by the end of 2026. We have entered into a long-term lease on a site large enough to simultaneously house the next three largest data center campuses by square footage currently in existence.