Fermi Inc. (NASDAQ:FRMI – Get Free Report) traded down 15.3% on Monday. The company traded as low as $2.19 and last traded at $2.21. 25,983,022 shares changed hands during trading, an increase of 63% from the average session volume of 15,967,230 shares. The stock had previously closed at $2.61.
Wall Street Analyst Weigh In
FRMI has been the topic of a number of research reports. Cantor Fitzgerald decreased their price objective on Fermi from $12.00 to $8.00 and set an “overweight” rating on the stock in a report on Friday, October 16th. Mizuho dropped their target price on Fermi from $27.00 to $11.00 and set an “outperform” rating for the company in a report on Tuesday, July 28th. Finally, Weiss Ratings cut shares of Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, August 14th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.86.
View Our Latest Research Report on FRMI
Fermi Price Performance
The company has a market capitalization of $1.41 billion and a price-to-earnings ratio of -1.86. The business’s 50-day moving average price is $4.26 and its two-hundred day moving average price is $6.51.
Fermi (NASDAQ:FRMI – Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. During the same period last year, the company posted ($0.02) EPS. As a group, research analysts predict that Fermi Inc. will post -0.33 EPS for the current year.
Insider Buying and Selling at Fermi
In other news, major shareholder Toby Neugebauer sold 420,749 shares of the company’s stock in a transaction on Tuesday, October 20th. The stock was sold at an average price of $3.04, for a total transaction of $1,279,076.96. Following the completion of the sale, the insider directly owned 91,188,910 shares in the company, valued at approximately $277,214,286.40. This represents a 0.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 4,467,949 shares of company stock worth $15,622,757. Corporate insiders own 2.83% of the company’s stock.
Institutional Investors Weigh In On Fermi
Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new position in Fermi in the 2nd quarter valued at about $38,499,000. BlueCrest Capital Management Ltd acquired a new stake in shares of Fermi in the 2nd quarter valued at $33,276,000. Alyeska Investment Group L.P. boosted its holdings in shares of Fermi by 82.4% in the 2nd quarter. Alyeska Investment Group L.P. now owns 2,886,836 shares of the company’s stock valued at $26,443,000 after purchasing an additional 1,303,979 shares in the last quarter. Weiss Asset Management LP increased its stake in shares of Fermi by 431.6% in 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 during the last quarter. Finally, Ratan Capital Management LP bought a new position in shares of Fermi in the 2nd quarter valued at $19,774,000.
About Fermi
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.
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