Fermi (NASDAQ:FRMI) Shares Down 7.6% – What’s Next?
by Tristan Rich · The Markets DailyFermi Inc. (NASDAQ:FRMI – Get Free Report)’s stock price dropped 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 were traded during trading, a decline of 27% from the average daily volume of 13,945,087 shares. The stock had previously closed at $6.74.
Wall Street Analyst Weigh In
Several analysts recently issued reports on the stock. Wall Street Zen lowered shares of Fermi from a “hold” rating to a “sell” rating in a report on Sunday, May 10th. Stifel Nicolaus dropped their price target on shares of Fermi from $29.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, June 23rd. Cantor Fitzgerald started coverage on shares of Fermi in a research note on Thursday, April 9th. They issued an “overweight” rating and a $8.00 price target on the stock. UBS Group lowered shares of Fermi from a “buy” rating to a “neutral” rating and set a $6.00 price objective on the stock. in a report on Tuesday, May 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fermi in a research report on Thursday, July 2nd. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $22.44.
View Our Latest Report on FRMI
Fermi Trading Down 7.9%
The stock has a market cap of $3.96 billion and a PE ratio of -5.45. The company has a fifty day moving average of $7.07 and a 200-day moving average of $7.60.
Fermi (NASDAQ:FRMI – Get Free Report) last posted its earnings results on Thursday, May 14th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.25). As a group, research analysts anticipate that Fermi Inc. will post 0.34 earnings per share for the current fiscal year.
Insider Activity
In other news, Director James Richard Perry sold 863,637 shares of the firm’s stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $7.31, for a total value of $6,313,186.47. Following the completion of the transaction, the director owned 15,827,807 shares of the company’s stock, valued at approximately $115,701,269.17. This trade represents a 5.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Mesut Uzman sold 79,509 shares of Fermi stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $6.31, for a total transaction of $501,701.79. Following the completion of the transaction, the insider owned 670,491 shares of the company’s stock, valued at $4,230,798.21. This trade represents a 10.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,022,178 shares of company stock worth $7,313,580 in the last three months.
Hedge Funds Weigh In On Fermi
Institutional investors have recently modified their holdings of the business. Leonteq Securities AG acquired a new stake in shares of Fermi in the fourth quarter valued at $30,000. PNC Financial Services Group Inc. purchased a new stake in Fermi during the 4th quarter worth about $36,000. Aspect Partners LLC purchased a new stake in Fermi during the 4th quarter worth about $38,000. SBI Securities Co. Ltd. acquired a new stake in Fermi in the 4th quarter valued at about $41,000. Finally, NewEdge Advisors LLC acquired a new stake in Fermi in the 1st quarter valued at about $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.