Fermi (NASDAQ:FRMI) Major Shareholder Griffin Perry Sells 9,000,000 Shares

Key Points

• Griffin Perry sold 9,000,000 shares on March 30 at an average price of $5.02 for $45.18M and followed with a 2,000,000‑share sale on March 31 at $5.54 ($11.08M), totaling 11,000,000 shares sold for about $56.26M and reducing his stake by 12.51% to 62,946,450 shares (~$316.0M).
• Fermi shares jumped about 4.7% to $5.62 on the latest session with volume well below average; the company has a market cap of $3.54B, a negative P/E (‑6.65), and a 1‑year range of $4.63–$36.99.
• Several institutional investors (including Balyasny, M&G, Nuveen, Millennium and Nexpoint) added new stakes in Q4, and analysts’ views are mixed but skew positive with an average rating of "Buy" and an average target price of $29.00.

Fermi Inc. (NASDAQ:FRMI - Get Free Report) major shareholder Griffin Perry sold 9,000,000 shares of the firm's stock in a transaction that occurred on Monday, March 30th. The shares were sold at an average price of $5.02, for a total value of $45,180,000.00. Following the completion of the sale, the insider directly owned 62,946,450 shares of the company's stock, valued at $315,991,179. The trade was a 12.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own 10% or more of a company's stock are required to disclose their sales and purchases with the SEC.

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

• On Tuesday, March 31st, Griffin Perry sold 2,000,000 shares of Fermi stock. The shares were sold at an average price of $5.54, for a total transaction of $11,080,000.00.

Fermi Stock Up 4.7%

Shares of NASDAQ:FRMI traded up $0.25 during trading hours on Thursday, hitting $5.62. 1,766,600 shares of the company's stock traded hands, compared to its average volume of 8,197,180. The firm has a market cap of $3.54 billion and a price-to-earnings ratio of -6.65. The firm has a fifty day simple moving average of $8.55. Fermi Inc. has a 1 year low of $4.63 and a 1 year high of $36.99.

Institutional Investors Weigh In On Fermi

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Balyasny Asset Management L.P. purchased a new stake in Fermi in the 4th quarter valued at $16,549,000. M&G PLC acquired a new stake in Fermi in the 4th quarter valued at approximately $14,443,000. Nuveen LLC purchased a new stake in shares of Fermi in the 4th quarter valued at $11,067,000. Millennium Management LLC acquired a new stake in shares of Fermi during the fourth quarter worth about $10,871,000. Finally, Nexpoint Asset Management L.P. acquired a new stake in shares of Fermi in the fourth quarter valued at $10,412,000.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Weiss Ratings reissued a "sell (e+)" rating on shares of Fermi in a research report on Monday, March 23rd. Texas Capital upgraded Fermi to a "strong-buy" rating in a research note on Tuesday, January 20th. Citizens Jmp began coverage on shares of Fermi in a report on Monday, February 9th. They issued a "market outperform" rating and a $30.00 target price for the company. Citigroup started coverage on shares of Fermi in a research report on Monday, February 9th. They set an "outperform" rating for the company. Finally, Wall Street Zen downgraded Fermi from a "hold" rating to a "sell" rating in a report on Saturday, March 28th. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $29.00.

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. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.