Fermi (NASDAQ:FRMI) Shares Down 10.2% – Here’s What Happened

Fermi Inc. (NASDAQ:FRMI) shares fell 10.2% on Tuesday . The stock traded as low as $7.38 and last traded at $7.3750. 5,619,881 shares traded hands during trading, a decline of 58% from the average daily volume of 13,463,938 shares. The stock had previously closed at $8.21.

Analyst Ratings Changes

A number of analysts have recently commented on FRMI shares. Cantor Fitzgerald assumed coverage on shares of Fermi in a research report on Thursday, April 9th. They issued an “overweight” rating and a $8.00 price objective on the stock. Wall Street Zen lowered shares of Fermi from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Stifel Nicolaus cut their price target on shares of Fermi from $29.00 to $17.00 and set a “buy” rating on the stock in a research report on Tuesday, June 23rd. Weiss Ratings restated a “sell (d-)” rating on shares of Fermi in a report on Thursday. Finally, UBS Group downgraded Fermi from a “buy” rating to a “neutral” rating and set a $6.00 target price on the stock. in a research report on Tuesday, May 5th. Two 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 given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $22.44.

Fermi Stock Performance

The firm has a fifty day moving average price of $6.86 and a 200 day moving average price of $7.66. The company has a market cap of $4.86 billion and a price-to-earnings ratio of -6.66.

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

Insider Activity at Fermi

In related news, insider Mesut Uzman sold 79,509 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $6.31, for a total value of $501,701.79. Following the completion of the sale, the insider directly owned 670,491 shares in the company, valued at approximately $4,230,798.21. This trade represents a 10.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Miles E. Everson sold 427,004 shares of Fermi stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $4.58, for a total value of $1,955,678.32. Following the transaction, the chief financial officer owned 9,969,791 shares of the company’s stock, valued at $45,661,642.78. The trade was a 4.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 3,457,385 shares of company stock worth $18,857,119 over the last ninety days.

Institutional Trading of Fermi

Hedge funds have recently made changes to their positions in the business. Balyasny Asset Management L.P. bought a new position in shares of Fermi during the 4th quarter worth approximately $16,549,000. Weiss Asset Management LP lifted its holdings in Fermi by 431.6% during 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. M&G PLC bought a new position in Fermi during the fourth quarter worth $14,443,000. Nuveen LLC bought a new position in Fermi during the fourth quarter worth $11,067,000. Finally, Millennium Management LLC acquired a new position in shares of Fermi in the fourth quarter valued at $10,871,000.

Fermi Company Profile

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.