Fermi (NASDAQ:FRMI) Stock Price Down 7.6% – Here’s Why

Shares of Fermi Inc. (NASDAQ:FRMI) dropped 7.6% during trading on Wednesday . The company traded as low as $16.85 and last traded at $16.97. Approximately 872,415 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 5,513,438 shares. The stock had previously closed at $18.36.

Analyst Ratings Changes

A number of brokerages recently weighed in on FRMI. Cantor Fitzgerald restated an “overweight” rating on shares of Fermi in a research report on Wednesday, November 12th. Berenberg Bank assumed coverage on shares of Fermi in a research note on Monday, October 27th. They set a “buy” rating and a $37.00 target price for the company. Rothschild & Co Redburn started coverage on Fermi in a research note on Monday, October 27th. They issued a “buy” rating and a $31.00 price target on the stock. Stifel Nicolaus assumed coverage on Fermi in a report on Monday, October 27th. They issued a “buy” rating and a $29.00 price objective for the company. Finally, Macquarie reissued an “outperform” rating and issued a $35.00 target price on shares of Fermi in a report on Wednesday, November 12th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $31.56.

Fermi Stock Down 6.0%

Fermi (NASDAQ:FRMI) last released its quarterly earnings results on Monday, November 10th. The company reported ($0.84) earnings per share (EPS) for the quarter.

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.