Fermi (NASDAQ:FRMI) Shares Down 7.2% – Here’s Why

Fermi Inc. (NASDAQ:FRMI) fell 7.2% on Tuesday. The company traded as low as $1.50 and last traded at $1.54. 19,426,960 shares were traded during trading, an increase of 19% from the average daily volume of 16,352,570 shares. The stock had previously closed at $1.66.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Mizuho dropped their price target on shares of Fermi from $27.00 to $11.00 and set an “outperform” rating for the company in a research report on Tuesday, July 28th. Weiss Ratings downgraded shares of Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, August 14th. Finally, Cantor Fitzgerald cut their target price on Fermi from $12.00 to $8.00 and set an “overweight” rating for the company in a research note 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 issued a Sell rating to the company. According to MarketBeat, Fermi currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.86.

Fermi Stock Down 7.2%

The company has a market cap of $987.54 million and a PE ratio of -1.31. The company has a 50-day moving average of $3.81 and a 200-day moving average of $6.28.

Fermi (NASDAQ:FRMI) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.02. During the same quarter in the previous year, the firm earned ($0.02) EPS. As a group, equities analysts predict that Fermi Inc. will post -0.33 EPS for the current year.

Insiders Place Their Bets

In other Fermi news, major shareholder Toby Neugebauer sold 5,000,000 shares of the business’s stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $1.52, for a total transaction of $7,600,000.00. Following the transaction, the insider directly owned 84,813,010 shares of the company’s stock, valued at approximately $128,915,775.20. The trade was a 5.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 12,125,749 shares of company stock valued at $28,639,969 in the last quarter. Insiders own 2.83% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. NewEdge Advisors LLC boosted its position in shares of Fermi by 22.5% during the second quarter. NewEdge Advisors LLC now owns 11,431 shares of the company’s stock worth $105,000 after buying an additional 2,101 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in shares of Fermi in the 2nd quarter valued at $41,000. Farther Finance Advisors LLC raised its holdings in shares of Fermi by 139.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 10,456 shares of the company’s stock valued at $44,000 after buying an additional 6,083 shares during the period. HighTower Advisors LLC lifted its stake in Fermi by 9.6% during the 3rd quarter. HighTower Advisors LLC now owns 77,568 shares of the company’s stock worth $327,000 after acquiring an additional 6,816 shares in the last quarter. Finally, Moors & Cabot Inc. lifted its stake in Fermi by 3.3% during the 3rd quarter. Moors & Cabot Inc. now owns 238,609 shares of the company’s stock worth $1,005,000 after acquiring an additional 7,605 shares in the last quarter.

Fermi Company Profile

Fermi Inc. develops energy and data-center infrastructure intended to support artificial intelligence and other high-performance computing needs. Its business centers on planning and building integrated campuses that pair large-scale power resources with data-center facilities. The company’s flagship development is Project Matador, a planned campus in the Texas Panhandle near Amarillo. The project is designed to combine data centers with a mix of power-generation and energy-storage resources; it remains a development project rather than an established portfolio of operating facilities.