Fermi (NASDAQ:FRMI) Stock Price Down 7.3% Following Insider Selling

Fermi Inc. (NASDAQ:FRMI) shares dropped 7.3% during mid-day trading on Thursday after an insider sold shares in the company. The company traded as low as $2.59 and last traded at $2.65. 19,501,481 shares changed hands during mid-day trading, an increase of 23% from the average daily volume of 15,877,846 shares. The stock had previously closed at $2.86.

Specifically, major shareholder Toby R. Neugebauer sold 420,749 shares of the business’s stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $3.04, for a total value of $1,279,076.96. Following the completion of the sale, the insider directly owned 91,188,910 shares in the company, valued at approximately $277,214,286.40. The trade was a 0.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Mizuho dropped their price objective on Fermi from $27.00 to $11.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 28th. Cantor Fitzgerald decreased 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. Finally, Weiss Ratings lowered Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, August 14th. Two research 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 issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $20.67.

Fermi Stock Down 7.3%

The stock’s 50-day moving average price is $4.64 and its 200 day moving average price is $5.88. The firm has a market cap of $1.70 billion and a price-to-earnings ratio of -2.25.

Fermi (NASDAQ:FRMI) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.02. During the same period last year, the firm posted ($0.02) earnings per share. On average, research analysts predict that Fermi Inc. will post -0.33 EPS for the current year.

Hedge Funds Weigh In On Fermi

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Sumitomo Mitsui DS Asset Management Company Ltd acquired a new stake in shares of Fermi during the 3rd quarter valued at about $370,000. SteelPeak Wealth LLC bought a new stake in shares of Fermi in the 3rd quarter valued at approximately $42,000. Farther Finance Advisors LLC grew its stake 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 purchasing an additional 6,083 shares during the period. Sequoia Financial Advisors LLC acquired a new position in shares of Fermi in the 2nd quarter worth approximately $1,845,000. Finally, Tidal Investments LLC raised its holdings in shares of Fermi by 348.2% in the 2nd quarter. Tidal Investments LLC now owns 173,114 shares of the company’s stock worth $1,586,000 after buying an additional 134,486 shares in the last quarter.

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.