Fermi (NASDAQ:FRMI) Shares Down 7.6% – Here’s What Happened

Shares of Fermi Inc. (NASDAQ:FRMI) traded down 7.6% during trading on Thursday . The company traded as low as $4.43 and last traded at $4.4550. 5,785,425 shares were traded during trading, a decline of 62% from the average daily volume of 15,119,521 shares. The stock had previously closed at $4.82.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Weiss Ratings cut Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, August 14th. Mizuho cut their price objective on Fermi from $27.00 to $11.00 and set an “outperform” rating on the stock in a report on Tuesday, July 28th. Finally, Stifel Nicolaus reduced their price objective on Fermi from $29.00 to $17.00 and set a “buy” rating on the stock in a research note on Tuesday, June 23rd. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.67.

Fermi Trading Down 4.0%

The firm has a market cap of $2.96 billion and a PE ratio of -3.93. The stock’s 50 day moving average price is $5.79 and its 200 day moving average price is $6.37.

Fermi (NASDAQ:FRMI) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. During the same quarter in the previous year, the firm earned ($0.02) EPS. Analysts forecast that Fermi Inc. will post -0.33 earnings per share for the current year.

Insider Buying and Selling at Fermi

In other news, Director James Perry sold 863,637 shares of the stock in a transaction dated 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 completion of the sale, the director owned 15,827,807 shares in the company, valued at approximately $115,701,269.17. This trade represents a 5.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. NewEdge Advisors LLC boosted its position in Fermi by 22.5% in the 2nd quarter. NewEdge Advisors LLC now owns 11,431 shares of the company’s stock valued at $105,000 after buying an additional 2,101 shares during the last quarter. Leonteq Securities AG purchased a new stake in shares of Fermi during the fourth quarter worth about $30,000. Integrated Wealth Concepts LLC acquired a new position in shares of Fermi in the second quarter worth about $41,000. Financial Management Professionals Inc. acquired a new position in shares of Fermi in the second quarter worth about $104,000. Finally, Byrne Asset Management LLC purchased a new position in Fermi in the second quarter valued at about $109,000.

Fermi Company Profile

Fermi Inc is an energy and digital infrastructure company developing large-scale power-generation and data-center facilities to support energy-intensive computing, including artificial intelligence applications. Its business focuses on integrating electricity generation, transmission infrastructure and data-center capacity within dedicated campuses.

The company’s primary development effort is the Fermi America project near Amarillo, Texas, also referred to as Project Matador. The planned campus is intended to use a diversified energy portfolio that may include natural gas, nuclear power, solar generation and battery storage, with the goal of providing reliable electricity for data centers and other high-demand technology users.

Fermi’s operations are currently centered on the United States, particularly Texas.