Fermi (NASDAQ:FRMI) Trading Down 5.7% – Here’s What Happened

Fermi Inc. (NASDAQ:FRMI) shares dropped 5.7% during trading on Monday . The stock traded as low as $9.12 and last traded at $9.24. Approximately 997,603 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 7,217,184 shares. The stock had previously closed at $9.80.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Rothschild Redb raised Fermi to a “strong-buy” rating in a research note on Monday, October 27th. Zacks Research raised shares of Fermi to a “hold” rating in a research report on Tuesday, October 28th. Texas Capital upgraded shares of Fermi to a “strong-buy” rating in a research note on Tuesday, January 20th. Macquarie reaffirmed an “outperform” rating and issued a $35.00 price objective on shares of Fermi in a research note on Wednesday, November 12th. Finally, Mizuho began coverage on shares of Fermi in a report on Monday, October 27th. They issued an “outperform” rating and a $27.00 target price on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Fermi currently has an average rating of “Buy” and a consensus target price of $31.56.

Fermi Trading Down 6.0%

The stock has a market cap of $5.66 billion and a PE ratio of -10.96. The company has a 50 day simple moving average of $11.55.

Fermi (NASDAQ:FRMI) last released its quarterly earnings results on Monday, November 10th. The company reported ($0.84) earnings per share for the quarter.

Institutional Trading of Fermi

A number of institutional investors and hedge funds have recently modified their holdings of FRMI. Nisa Investment Advisors LLC purchased a new position in Fermi in the fourth quarter worth $423,000. Capelight Capital Asset Management LP purchased a new stake in shares of Fermi during the 4th quarter valued at $292,000. ORG Wealth Partners LLC bought a new stake in shares of Fermi during the 4th quarter worth $151,000. Choreo LLC bought a new position in Fermi during the fourth quarter valued at about $98,000. Finally, Prime Capital Investment Advisors LLC purchased a new stake in Fermi during the fourth quarter worth about $84,000.

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.