Fermi (NASDAQ:FRMI) Major Shareholder Toby Neugebauer Sells 2,563,800 Shares of Company Stock

Fermi Inc. (NASDAQ:FRMI) major shareholder Toby Neugebauer sold 2,563,800 shares of the stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $2.04, for a total transaction of $5,230,152.00. Following the sale, the insider directly owned 42,077,276 shares of the company’s stock, valued at $85,837,643.04. The trade was a 5.74% 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. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Fermi Stock Down 15.9%

Shares of Fermi stock opened at $1.53 on Friday. The company’s fifty day simple moving average is $3.95 and its two-hundred day simple moving average is $6.35. Fermi Inc. has a 12-month low of $1.44 and a 12-month high of $27.07. The firm has a market cap of $981.13 million and a PE ratio of -1.30.

Fermi (NASDAQ:FRMI) last issued its quarterly earnings data 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 quarter in the prior year, the company earned ($0.02) EPS. As a group, sell-side analysts expect that Fermi Inc. will post -0.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. DBA Trading LLC purchased a new stake in shares of Fermi during the third quarter valued at $120,000. Fulcrum Asset Management LLP bought a new stake in Fermi in the 3rd quarter worth about $410,000. Pictet Asset Management Holding SA bought a new stake in Fermi in the 3rd quarter worth about $218,000. CenterBook Partners LP raised its position in Fermi by 997.7% in the 3rd quarter. CenterBook Partners LP now owns 1,879,838 shares of the company’s stock worth $7,914,000 after buying an additional 1,708,587 shares during the last quarter. Finally, Chicago Partners Investment Group LLC purchased a new position in Fermi in the 3rd quarter worth about $64,000.

Key Stories Impacting Fermi

Here are the key news stories impacting Fermi this week:

• Neutral Sentiment: Reports clarified that an emergency alert involving the Fermi II nuclear plant in Newport was sent accidentally during a drill; officials said there was no emergency. This concerns the nuclear facility, not Fermi Inc., so it appears to have little direct bearing on FRMI. Read More. · Read More.
• Neutral Sentiment: Fermi held its annual shareholder meeting and board vote on October 30. The available report does not provide details suggesting a material change in the company’s outlook. Read More.
• Negative Sentiment: Major shareholder Toby Neugebauer reported selling 5 million shares on Nov. 5, 94,000 shares on Nov. 4, and 2.56 million shares on Nov. 3—about 7.66 million shares in total. Such substantial insider selling may weigh on sentiment, although the filings do not establish the reason for the sales. Read More.
• Negative Sentiment: Coverage says a data-center lease deadline passed, raising investor questions about the lease and its implications for Fermi’s cash-flow outlook. One report linked the missed deadline to a sharp share decline; the supplied articles do not specify definitive lease terms or a resolution. Read More. · Read More.

Analyst Ratings Changes

FRMI has been the topic of a number of research analyst reports. Mizuho reduced their price target on Fermi from $27.00 to $11.00 and set an “outperform” rating on the stock in a report on Tuesday, July 28th. Weiss Ratings cut 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 price objective on shares of Fermi from $12.00 to $8.00 and set an “overweight” rating on the stock in a research report on Friday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $16.86.

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.