Fermi (NASDAQ:FRMI) Stock Price Down 7.2% – Time to Sell?

Fermi Inc. (NASDAQ:FRMI)’s stock price dropped 7.2% during trading on Tuesday. The company traded as low as $1.50 and last traded at $1.54. 19,426,960 shares changed hands during mid-day trading, an increase of 19% from the average daily volume of 16,352,570 shares. The stock had previously closed at $1.66.

Analysts Set New Price Targets

Several equities analysts recently commented on FRMI shares. Weiss Ratings lowered Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, August 14th. Cantor Fitzgerald decreased their price target on Fermi from $12.00 to $8.00 and set an “overweight” rating on the stock in a research note on Friday, October 16th. Finally, Mizuho lowered their price target on Fermi from $27.00 to $11.00 and set an “outperform” rating for the company in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $13.83.

Fermi Stock Performance

The company has a market capitalization of $1.32 billion and a PE ratio of -1.75. The business has a fifty day moving average price of $3.68 and a 200 day moving average price of $6.20.

Fermi (NASDAQ:FRMI) last issued its earnings results on Thursday, November 12th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.15). Research analysts forecast that Fermi Inc. will post -0.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fermi news, major shareholder Toby Neugebauer sold 5,000,000 shares of the business’s stock in a transaction that occurred on Thursday, November 5th. The shares were sold at an average price of $1.52, for a total transaction of $7,600,000.00. Following the completion of the sale, the insider directly owned 84,813,010 shares in the company, valued at $128,915,775.20. The trade was a 5.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 12,125,749 shares of company stock worth $28,639,969 over the last 90 days. Insiders own 2.83% of the company’s stock.

Hedge Funds Weigh In On Fermi

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in shares of Fermi during the 2nd quarter valued at $38,499,000. BlueCrest Capital Management Ltd acquired a new stake in Fermi in the 2nd quarter valued at $33,276,000. Ratan Capital Management LP acquired a new stake in Fermi in the 2nd quarter valued at $19,774,000. State Street Corp raised its position in Fermi by 49.2% in the third quarter. State Street Corp now owns 6,311,025 shares of the company’s stock valued at $26,569,000 after purchasing an additional 2,081,579 shares during the period. Finally, Weiss Asset Management LP lifted its stake in shares of Fermi by 431.6% during the first quarter. Weiss Asset Management LP now owns 2,415,027 shares of the company’s stock worth $14,104,000 after purchasing an additional 1,960,764 shares in the last quarter.

About Fermi

Fermi Inc. develops energy and data-center infrastructure intended to support artificial intelligence and other high-performance computing needs. Its business centers on planning and building integrated campuses that pair large-scale power resources with data-center facilities. The company’s flagship development is Project Matador, a planned campus in the Texas Panhandle near Amarillo. The project is designed to combine data centers with a mix of power-generation and energy-storage resources; it remains a development project rather than an established portfolio of operating facilities.