Fermi (NASDAQ:FRMI) Trading Down 6.9% – Should You Sell?

Fermi Inc. (NASDAQ:FRMI)’s stock price traded down 6.9% on Monday . The company traded as low as $7.06 and last traded at $6.8860. Approximately 3,387,097 shares were traded during trading, a decline of 76% from the average daily volume of 14,105,857 shares. The stock had previously closed at $7.40.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on FRMI shares. Wall Street Zen lowered shares of Fermi from a “hold” rating to a “sell” rating in a report on Sunday, May 10th. UBS Group cut shares of Fermi from a “buy” rating to a “neutral” rating and set a $6.00 target price on the stock. in a report on Tuesday, May 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Fermi in a research note on Thursday, July 2nd. Mizuho lowered their target price on Fermi from $27.00 to $11.00 and set an “outperform” rating for the company in a report on Tuesday. Finally, Cantor Fitzgerald assumed coverage on Fermi in a report on Thursday, April 9th. They issued an “overweight” rating and a $8.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $20.67.

Fermi Stock Performance

The stock’s fifty day moving average is $7.19 and its two-hundred day moving average is $7.47. The firm has a market cap of $4.00 billion and a price-to-earnings ratio of -5.51.

Fermi (NASDAQ:FRMI) last posted its earnings results on Thursday, May 14th. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.25). Sell-side analysts predict that Fermi Inc. will post 0.34 earnings per share for the current year.

Insider Buying and Selling

In other Fermi news, insider Mesut Uzman sold 79,509 shares of Fermi stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $6.31, for a total transaction of $501,701.79. Following the sale, the insider owned 670,491 shares of the company’s stock, valued at $4,230,798.21. The trade was a 10.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James Richard Perry sold 863,637 shares of the business’s stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $7.31, for a total value of $6,313,186.47. Following the transaction, the director owned 15,827,807 shares of the company’s stock, valued at $115,701,269.17. This trade represents a 5.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,022,178 shares of company stock valued at $7,313,580 over the last three months.

Institutional Investors Weigh In On Fermi

A number of hedge funds and other institutional investors have recently modified their holdings of FRMI. Balyasny Asset Management L.P. acquired a new stake in Fermi in the fourth quarter worth about $16,549,000. Weiss Asset Management LP boosted its stake in Fermi by 431.6% during the 1st quarter. Weiss Asset Management LP now owns 2,415,027 shares of the company’s stock valued at $14,104,000 after purchasing an additional 1,960,764 shares in the last quarter. M&G PLC bought a new position in Fermi during the 4th quarter valued at $14,443,000. Nuveen LLC acquired a new position in shares of Fermi during the 4th quarter valued at $11,067,000. Finally, Millennium Management LLC bought a new stake in shares of Fermi in the 4th quarter worth $10,871,000.

Fermi Company Profile

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.