Fermi (NASDAQ:FRMI) Shares Down 7.6% – Should You Sell?

Fermi Inc. (NASDAQ:FRMI) fell 7.6% during mid-day trading on Wednesday . The company traded as low as $6.24 and last traded at $6.2280. 10,224,174 shares changed hands during trading, a decline of 27% from the average session volume of 13,945,087 shares. The stock had previously closed at $6.74.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on FRMI. UBS Group cut 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. Cantor Fitzgerald began coverage on Fermi in a report on Thursday, April 9th. They issued an “overweight” rating and a $8.00 price objective on the stock. Wall Street Zen cut Fermi from a “hold” rating to a “sell” rating in a research report on Sunday, May 10th. Evercore downgraded Fermi from an “outperform” rating to an “in-line” rating and set a $11.00 target price for the company. in a research note on Friday, May 15th. Finally, Stifel Nicolaus decreased their target price on Fermi from $29.00 to $17.00 and set a “buy” rating on the stock in a research report on Tuesday, June 23rd. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Fermi currently has a consensus rating of “Moderate Buy” and an average target price of $22.44.

Fermi Stock Performance

The stock has a market capitalization of $3.78 billion and a PE ratio of -5.20. The stock’s 50 day moving average is $7.10 and its two-hundred day moving average is $7.57.

Fermi (NASDAQ:FRMI) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.25). Equities research analysts expect that Fermi Inc. will post 0.34 EPS for the current fiscal year.

Insider Buying and Selling at Fermi

In other news, insider Mesut Uzman sold 79,509 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $6.31, for a total transaction of $501,701.79. Following the transaction, the insider directly owned 670,491 shares in the company, valued at $4,230,798.21. The trade was a 10.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director James Richard Perry sold 863,637 shares of the firm’s stock in a transaction on 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 directly owned 15,827,807 shares of the company’s stock, valued at $115,701,269.17. This trade represents a 5.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 1,022,178 shares of company stock valued at $7,313,580.

Institutional Trading of Fermi

Several hedge funds have recently made changes to their positions in the company. Leonteq Securities AG purchased a new position in Fermi in the fourth quarter worth approximately $30,000. PNC Financial Services Group Inc. acquired a new position in shares of Fermi in the 4th quarter valued at $36,000. Aspect Partners LLC purchased a new position in shares of Fermi during the 4th quarter worth $38,000. SBI Securities Co. Ltd. acquired a new stake in shares of Fermi during the 4th quarter worth about $41,000. Finally, NewEdge Advisors LLC acquired a new stake in shares of Fermi during the 1st quarter worth about $54,000.

About Fermi

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.