Fermi Inc. (NASDAQ:FRMI - Get Free Report) shares traded down 7.6% during mid-day trading on Wednesday . The stock traded as low as $6.24 and last traded at $6.2280. 10,224,174 shares changed hands during trading, a decline of 27% from the average daily volume of 13,945,087 shares. The stock had previously closed at $6.74.
Wall Street Analyst Weigh In
Several research firms recently weighed in on FRMI. UBS Group downgraded shares of Fermi from a "buy" rating to a "neutral" rating and set a $6.00 price target for the company. in a research report on Tuesday, May 5th. Cantor Fitzgerald began coverage on Fermi in a research note on Thursday, April 9th. They set an "overweight" rating and a $8.00 price objective for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Fermi in a report on Thursday, July 2nd. Wall Street Zen lowered Fermi from a "hold" rating to a "sell" rating in a research note on Sunday, May 10th. Finally, Evercore cut Fermi from an "outperform" rating to an "in-line" rating and set a $11.00 price target for the company. in a research report on Friday, May 15th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $22.44.
Read Our Latest Stock Analysis on Fermi
Fermi Trading Down 7.9%
The company has a market cap of $3.96 billion and a price-to-earnings ratio of -5.45. The stock's fifty day simple moving average is $7.07 and its 200 day simple moving average is $7.60.
Fermi (NASDAQ:FRMI - Get Free Report) last issued its earnings results on Thursday, May 14th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.25). On average, analysts predict that Fermi Inc. will post 0.34 EPS for the current year.
Insiders Place Their Bets
In other news, Director James Richard Perry sold 863,637 shares of Fermi stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $7.31, for a total transaction of $6,313,186.47. Following the transaction, the director owned 15,827,807 shares in the company, valued at $115,701,269.17. The trade was a 5.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mesut Uzman sold 79,509 shares of the business's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $6.31, for a total transaction of $501,701.79. Following the transaction, the insider directly owned 670,491 shares in the company, valued at approximately $4,230,798.21. The trade was a 10.60% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,022,178 shares of company stock worth $7,313,580 in the last three months.
Institutional Investors Weigh In On Fermi
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Balyasny Asset Management L.P. acquired a new stake in shares of Fermi during the 4th quarter worth approximately $16,549,000. Weiss Asset Management LP grew its position in Fermi by 431.6% in the first quarter. Weiss Asset Management LP now owns 2,415,027 shares of the company's stock worth $14,104,000 after acquiring an additional 1,960,764 shares during the period. M&G PLC purchased a new position in Fermi in the fourth quarter worth approximately $14,443,000. Nuveen LLC acquired a new stake in Fermi during the fourth quarter worth $11,067,000. Finally, Millennium Management LLC purchased a new stake in Fermi in the fourth quarter valued at $10,871,000.
About Fermi
(
Get Free Report)
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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