Fermi (NASDAQ:FRMI) Shares Down 2.6% – Should You Sell?

Fermi Inc. (NASDAQ:FRMI) shares were down 2.6% during trading on Tuesday. The company traded as low as $2.87 and last traded at $2.94. Approximately 12,472,975 shares were traded during mid-day trading, a decline of 21% from the average session volume of 15,844,053 shares. The stock had previously closed at $3.02.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FRMI. Mizuho reduced their price objective on Fermi from $27.00 to $11.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 28th. Cantor Fitzgerald dropped their price objective on shares of Fermi from $12.00 to $8.00 and set an “overweight” rating for the company in a report on Friday. Weiss Ratings downgraded shares of Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, August 14th. Finally, Stifel Nicolaus decreased their price objective on Fermi from $29.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, June 23rd. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.67.

Fermi Trading Down 2.6%

The stock’s 50-day moving average price is $4.90 and its 200-day moving average price is $5.93. The stock has a market cap of $1.89 billion and a price-to-earnings ratio of -2.49.

Fermi (NASDAQ:FRMI) last posted its quarterly earnings data 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 last year, the firm earned ($0.02) EPS. As a group, analysts predict that Fermi Inc. will post -0.33 earnings per share for the current year.

Insider Buying and Selling

In other Fermi news, major shareholder Toby R. Neugebauer sold 1,297,200 shares of the stock in a transaction dated Wednesday, October 14th. The stock was sold at an average price of $3.15, for a total transaction of $4,086,180.00. Following the completion of the sale, the insider directly owned 43,359,176 shares in the company, valued at approximately $136,581,404.40. This trade represents a 2.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.83% of the company’s stock.

Hedge Funds Weigh In On Fermi

Institutional investors and hedge funds have recently modified their holdings of the business. Integrated Wealth Concepts LLC acquired a new stake in Fermi in the second quarter worth $41,000. SteelPeak Wealth LLC purchased a new position in Fermi in the third quarter worth $42,000. Farther Finance Advisors LLC increased its stake in shares of Fermi by 139.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 10,456 shares of the company’s stock worth $44,000 after purchasing an additional 6,083 shares during the last quarter. NewEdge Advisors LLC purchased a new stake in Fermi in the 1st quarter worth about $54,000. Finally, Resona Asset Management Co. Ltd. bought a new stake in shares of Fermi in the first quarter valued at approximately $73,000.

About Fermi

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.