Fermi (NASDAQ:FRMI) Major Shareholder Sells 420,749 Shares of Company Stock

Fermi Inc. (NASDAQ:FRMI) major shareholder Toby Neugebauer sold 420,749 shares of the business’s stock in a transaction dated Tuesday, October 20th. The stock was sold at an average price of $3.04, for a total value of $1,279,076.96. Following the sale, the insider owned 91,188,910 shares in the company, valued at approximately $277,214,286.40. This trade represents a 0.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Fermi Stock Down 7.3%

Shares of FRMI stock traded down $0.21 during trading hours on Thursday, hitting $2.65. 19,597,985 shares of the company’s stock traded hands, compared to its average volume of 15,878,281. The stock has a market cap of $1.70 billion and a PE ratio of -2.25. Fermi Inc. has a 12 month low of $2.59 and a 12 month high of $30.90. The stock’s 50 day simple moving average is $4.72 and its 200 day simple moving average is $5.90.

Fermi (NASDAQ:FRMI) last announced its earnings results on Thursday, August 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.02. During the same period in the prior year, the business earned ($0.02) EPS. As a group, equities research analysts expect that Fermi Inc. will post -0.33 EPS for the current fiscal year.

Institutional Trading of Fermi

Several hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. purchased a new position in Fermi in the 2nd quarter valued at approximately $38,499,000. BlueCrest Capital Management Ltd purchased a new stake in shares of Fermi during the second quarter worth $33,276,000. Ratan Capital Management LP purchased a new stake in shares of Fermi during the second quarter worth $19,774,000. Weiss Asset Management LP boosted its holdings in shares of Fermi by 431.6% in the first quarter. Weiss Asset Management LP now owns 2,415,027 shares of the company’s stock worth $14,104,000 after acquiring an additional 1,960,764 shares during the period. Finally, Bank of America Corp DE bought a new position in shares of Fermi in the second quarter worth $17,859,000.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Cantor Fitzgerald decreased their target price on Fermi from $12.00 to $8.00 and set an “overweight” rating for the company in a research note on Friday, October 16th. Mizuho cut their price target on Fermi from $27.00 to $11.00 and set an “outperform” rating for the company in a research note on Tuesday, July 28th. Finally, Weiss Ratings downgraded shares of Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, August 14th. Two equities 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.67.

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.