Insider Selling: Fermi (NASDAQ:FRMI) Director Sells 863,637 Shares

Fermi Inc. (NASDAQ:FRMI) Director James Richard Perry sold 863,637 shares of the company’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $7.31, for a total transaction of $6,313,186.47. Following the completion of the sale, the director directly owned 15,827,807 shares of the company’s stock, valued at $115,701,269.17. The trade was a 5.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Fermi Stock Performance

Shares of NASDAQ FRMI traded down $0.46 during midday trading on Thursday, reaching $8.06. 13,994,028 shares of the company were exchanged, compared to its average volume of 20,603,796. Fermi Inc. has a 1 year low of $4.47 and a 1 year high of $36.99. The stock has a fifty day simple moving average of $6.77 and a 200 day simple moving average of $7.68.

Fermi (NASDAQ:FRMI) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.25). On average, equities research analysts expect that Fermi Inc. will post 0.34 earnings per share for the current year.

Institutional Trading of Fermi

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. NewEdge Advisors LLC acquired a new stake in shares of Fermi in the first quarter worth $54,000. Concorde Asset Management LLC grew its holdings in Fermi by 154.9% during the 1st quarter. Concorde Asset Management LLC now owns 38,610 shares of the company’s stock valued at $225,000 after purchasing an additional 23,460 shares in the last quarter. Royal Bank of Canada increased its stake in Fermi by 95.7% during the 1st quarter. Royal Bank of Canada now owns 53,866 shares of the company’s stock worth $315,000 after buying an additional 26,341 shares during the period. Engle Capital Management L.P. purchased a new position in Fermi in the 1st quarter valued at about $5,928,000. Finally, Evercore Wealth Management LLC grew its stake in shares of Fermi by 166.7% during the first quarter. Evercore Wealth Management LLC now owns 40,000 shares of the company’s stock valued at $234,000 after acquiring an additional 25,000 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on FRMI shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Fermi in a research report on Monday, March 23rd. Stifel Nicolaus reduced their target price on shares of Fermi from $29.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday, June 23rd. UBS Group downgraded shares of Fermi from a “buy” rating to a “neutral” rating and set a $6.00 price target for the company. in a report on Tuesday, May 5th. Wall Street Zen lowered shares of Fermi from a “hold” rating to a “sell” rating in a research report on Sunday, May 10th. Finally, Evercore downgraded shares of Fermi from an “outperform” rating to an “in-line” rating and set a $11.00 price objective on the stock. in a research note on Friday, May 15th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.44.

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.