Fermi (NASDAQ:FRMI) Major Shareholder Griffin Perry Sells 2,000,000 Shares

Key Points

• Major shareholder Griffin Perry sold a total of 11,000,000 shares of Fermi over March 30–31 (9,000,000 at $5.02 and 2,000,000 at $5.54) for about $56.26 million, leaving him with 60,946,450 shares according to SEC filings.
• Fermi shares traded around $5.62 (up 4.7%) with a market cap of $3.54 billion, and analysts maintain a consensus Buy rating with an average target of $29, despite some recent downgrades and target cuts (e.g., UBS to $8, Wall Street Zen and Weiss gave sell ratings).

Fermi Inc. (NASDAQ:FRMI - Get Free Report) major shareholder Griffin Perry sold 2,000,000 shares of the business's stock in a transaction dated Tuesday, March 31st. The stock was sold at an average price of $5.54, for a total value of $11,080,000.00. Following the sale, the insider owned 60,946,450 shares in the company, valued at approximately $337,643,333. This trade represents a 3.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Large shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.

Griffin Perry also recently made the following trade(s):

• On Monday, March 30th, Griffin Perry sold 9,000,000 shares of Fermi stock. The stock was sold at an average price of $5.02, for a total transaction of $45,180,000.00.

Fermi Stock Up 4.7%

FRMI traded up $0.25 during trading on Thursday, reaching $5.62. 1,766,600 shares of the company's stock were exchanged, compared to its average volume of 8,197,180. Fermi Inc. has a one year low of $4.63 and a one year high of $36.99. The stock has a fifty day moving average price of $8.55. The stock has a market capitalization of $3.54 billion and a PE ratio of -6.69.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FRMI. Citizens Jmp started coverage on Fermi in a research report on Monday, February 9th. They set a "market outperform" rating and a $30.00 price objective for the company. Citigroup began coverage on shares of Fermi in a research report on Monday, February 9th. They set an "outperform" rating for the company. UBS Group lowered their price target on shares of Fermi from $30.00 to $8.00 and set a "buy" rating for the company in a report on Wednesday. Wall Street Zen downgraded shares of Fermi from a "hold" rating to a "sell" rating in a research report on Saturday, March 28th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Fermi in a research note on Monday, March 23rd. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $29.00.

Institutional Trading of Fermi

Several large investors have recently modified their holdings of FRMI. Hsbc Holdings PLC bought a new position in Fermi during the fourth quarter worth $1,056,000. Invesco Ltd. purchased a new position in Fermi during the 4th quarter worth $8,284,000. Axxcess Wealth Management LLC bought a new stake in Fermi in the 4th quarter worth about $604,000. XTX Topco Ltd purchased a new stake in shares of Fermi during the fourth quarter valued at approximately $1,149,000. Finally, Quadrature Capital Ltd purchased a new stake in shares of Fermi during the 4th quarter valued at $1,079,000.

About Fermi

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. We have entered into a long-term lease on a site large enough to simultaneously house the next three largest data center campuses by square footage currently in existence.

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