Fermi Inc. (NASDAQ:FRMI – Get Free Report) shares traded down 10.8% during trading on Wednesday. The stock traded as low as $1.80 and last traded at $1.82. 36,865,111 shares were traded during trading, an increase of 129% from the average session volume of 16,113,231 shares. The stock had previously closed at $2.04.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on FRMI. Weiss Ratings lowered Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, August 14th. Mizuho lowered their target price on shares of Fermi from $27.00 to $11.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 28th. Finally, Cantor Fitzgerald dropped their target price on shares of Fermi from $12.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.86.
Check Out Our Latest Stock Report on Fermi
Fermi Price Performance
The business’s 50 day simple moving average is $4.12 and its 200 day simple moving average is $6.43. The company has a market capitalization of $1.17 billion and a PE ratio of -1.54.
Fermi (NASDAQ:FRMI – Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. During the same period last year, the company earned ($0.02) EPS. As a group, analysts anticipate that Fermi Inc. will post -0.33 EPS for the current year.
Insider Activity at Fermi
In other news, major shareholder Toby Neugebauer sold 2,750,000 shares of Fermi stock in a transaction on Tuesday, October 13th. The stock was sold at an average price of $3.73, for a total value of $10,257,500.00. Following the completion of the sale, the insider directly owned 91,609,659 shares of the company’s stock, valued at approximately $341,704,028.07. The trade was a 2.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders sold 4,467,949 shares of company stock worth $15,622,757 in the last ninety days. Company insiders own 2.83% of the company’s stock.
Hedge Funds Weigh In On Fermi
Institutional investors have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in Fermi in the second quarter valued at $38,499,000. Value Aligned Research Advisors LLC acquired a new position in Fermi in the second quarter valued at $12,531,000. Philadelphia Financial Management of San Francisco LLC purchased a new position in shares of Fermi during the 2nd quarter worth about $3,893,000. Alyeska Investment Group L.P. raised its stake in Fermi by 82.4% during the second quarter. Alyeska Investment Group L.P. now owns 2,886,836 shares of the company’s stock worth $26,443,000 after purchasing an additional 1,303,979 shares during the period. Finally, Sequoia Financial Advisors LLC purchased a new position in shares of Fermi in the 2nd quarter worth $1,845,000.
Fermi Company Profile
Fermi, Inc (NASDAQ: FRMI) is an energy and infrastructure company focused on developing large-scale power and data center facilities for artificial intelligence and other high-performance computing applications. Its business model centers on integrating electricity generation, energy storage and data center infrastructure within a single campus.
The company’s principal development is Project Matador, a planned energy and data center campus in the Texas Panhandle. The project is designed to use a mix of power sources, including nuclear energy, natural gas, solar generation and battery storage, with the goal of providing reliable electricity for data center customers.
Fermi’s activities are currently concentrated in the United States, particularly Texas.
Further Reading
- Five stocks we like better than Fermi
- Why ExxonMobil and Chevron Reminded Investors to Keep it Simple
- Amazon Has Erased Its Earnings Sell-Off, But Is the Biggest Opportunity Still Ahead?
- onsemi’s AI Sales Surge 175%: Is a Stock Recovery Next?
- Energy Transfer’s Earnings Miss May Be Hiding Its Strongest Advantage
Receive News & Ratings for Fermi Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fermi and related companies with MarketBeat.com's FREE daily email newsletter.
