Insider Selling: Fermi (NASDAQ:FRMI) Director Sells $6,313,186.47 in Stock

Fermi Inc. (NASDAQ:FRMI) Director James Richard Perry sold 863,637 shares of the company’s stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $7.31, for a total transaction of $6,313,186.47. Following the sale, the director directly owned 15,827,807 shares of the company’s stock, valued at $115,701,269.17. The trade was a 5.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Fermi Stock Performance

NASDAQ:FRMI opened at $8.06 on Friday. The company’s 50-day moving average price is $6.82 and its 200-day moving average price is $7.68. The company has a market cap of $5.14 billion and a P/E ratio of -7.07. Fermi Inc. has a twelve month low of $4.47 and a twelve month high of $36.99.

Fermi (NASDAQ:FRMI) last posted its quarterly 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 earnings per share for the current year.

Wall Street Analysts Forecast Growth

FRMI has been the topic of several recent research reports. UBS Group cut Fermi from a “buy” rating to a “neutral” rating and set a $6.00 target price on the stock. in a report on Tuesday, May 5th. Evercore downgraded Fermi from an “outperform” rating to an “in-line” rating and set a $11.00 price objective on the stock. in a research report on Friday, May 15th. Cantor Fitzgerald initiated coverage on Fermi in a research note on Thursday, April 9th. They set an “overweight” rating and a $8.00 price objective on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Fermi in a report on Monday, March 23rd. Finally, Wall Street Zen downgraded Fermi from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $22.44.

Institutional Trading of Fermi

Several hedge funds have recently made changes to their positions in the company. Leonteq Securities AG purchased a new stake in shares of Fermi during the 4th quarter valued at approximately $30,000. PNC Financial Services Group Inc. acquired a new position in Fermi in the fourth quarter valued at approximately $36,000. Aspect Partners LLC purchased a new position in Fermi in the fourth quarter worth approximately $38,000. SBI Securities Co. Ltd. purchased a new position in Fermi in the fourth quarter worth approximately $41,000. Finally, NewEdge Advisors LLC acquired a new stake in Fermi during the first quarter worth $54,000.

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.