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

Fermi Inc. (NASDAQ:FRMI) shares traded down 7.6% on Thursday. The stock traded as low as $4.43 and last traded at $4.4550. Approximately 5,785,425 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 15,119,521 shares. The stock had previously closed at $4.82.

Analyst Ratings Changes

Several research firms recently issued reports on FRMI. Weiss Ratings downgraded shares of Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, August 14th. Stifel Nicolaus lowered their target price on Fermi from $29.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday, June 23rd. Finally, Mizuho reduced their price objective on Fermi from $27.00 to $11.00 and set an “outperform” rating for the company in a research report on Tuesday, July 28th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Fermi has a consensus rating of “Moderate Buy” and a consensus price target of $20.67.

Fermi Stock Down 0.7%

The company’s 50-day moving average is $5.74 and its 200-day moving average is $6.34. The stock has a market cap of $2.89 billion and a price-to-earnings ratio of -3.83.

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

Insider Transactions at Fermi

In other Fermi news, Director James Perry sold 863,637 shares of the business’s stock in a transaction dated 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 directly owned 15,827,807 shares of the company’s stock, valued at approximately $115,701,269.17. The trade was a 5.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Hedge Funds Weigh In On Fermi

Several large investors have recently bought and sold shares of the business. Sequoia Financial Advisors LLC acquired a new stake in shares of Fermi during the second quarter worth $1,845,000. Tidal Investments LLC lifted its holdings in Fermi by 348.2% during the second quarter. Tidal Investments LLC now owns 173,114 shares of the company’s stock worth $1,586,000 after acquiring an additional 134,486 shares in the last quarter. Whetstone Capital Advisors LLC bought a new position in shares of Fermi during the 2nd quarter valued at about $12,009,000. BlueCrest Capital Management Ltd acquired a new stake in Fermi during the 2nd quarter worth approximately $33,276,000. Finally, Concorde Asset Management LLC increased its position in shares of Fermi by 39.0% during the second quarter. Concorde Asset Management LLC now owns 53,650 shares of the company’s stock worth $491,000 after acquiring an additional 15,040 shares in the last quarter.

Fermi Company Profile

Fermi Inc is an energy and digital infrastructure company developing large-scale power-generation and data-center facilities to support energy-intensive computing, including artificial intelligence applications. Its business focuses on integrating electricity generation, transmission infrastructure and data-center capacity within dedicated campuses.

The company’s primary development effort is the Fermi America project near Amarillo, Texas, also referred to as Project Matador. The planned campus is intended to use a diversified energy portfolio that may include natural gas, nuclear power, solar generation and battery storage, with the goal of providing reliable electricity for data centers and other high-demand technology users.

Fermi’s operations are currently centered on the United States, particularly Texas.