Fermi (NASDAQ:FRMI) Shares Down 8.5% – Time to Sell?
by Teresa Graham · The Cerbat GemFermi Inc. (NASDAQ:FRMI – Get Free Report) shares were down 8.5% during mid-day trading on Tuesday . The stock traded as low as $6.01 and last traded at $5.9950. Approximately 2,241,516 shares traded hands during trading, a decline of 81% from the average daily volume of 11,765,271 shares. The stock had previously closed at $6.55.
Wall Street Analyst Weigh In
A number of brokerages have recently commented on FRMI. Cantor Fitzgerald initiated coverage on shares of Fermi in a research note on Thursday, April 9th. They issued an “overweight” rating and a $8.00 target price on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Fermi in a research report on Monday, March 23rd. UBS Group cut Fermi from a “buy” rating to a “neutral” rating and set a $6.00 price objective on the stock. in a research note on Tuesday, May 5th. Wall Street Zen lowered Fermi from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Finally, Evercore downgraded Fermi from an “outperform” rating to an “in-line” rating and set a $11.00 target price on the stock. in a report on Friday. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.78.
Fermi Stock Down 8.7%
The firm’s 50 day moving average price is $6.18 and its two-hundred day moving average price is $10.39. The firm has a market capitalization of $3.81 billion and a PE ratio of -7.21.
Fermi (NASDAQ:FRMI – Get Free Report) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.25). On average, sell-side analysts anticipate that Fermi Inc. will post 0.4 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, insider Charles Lynn Hamilton sold 398,140 shares of the stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $4.58, for a total transaction of $1,823,481.20. Following the completion of the transaction, the insider directly owned 5,525,910 shares in the company, valued at approximately $25,308,667.80. This represents a 6.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Griffin Perry sold 2,000,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $5.54, for a total transaction of $11,080,000.00. Following the sale, the insider directly owned 60,946,450 shares of the company’s stock, valued at $337,643,333. The trade was a 3.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 13,435,207 shares of company stock worth $67,803,539 in the last quarter.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in the stock. Leonteq Securities AG acquired a new stake in shares of Fermi in the 4th quarter valued at about $30,000. PNC Financial Services Group Inc. acquired a new position in Fermi in the fourth quarter worth about $36,000. Aspect Partners LLC bought a new stake in Fermi in the fourth quarter valued at about $38,000. SBI Securities Co. Ltd. acquired a new stake in Fermi during the fourth quarter valued at approximately $41,000. Finally, MML Investors Services LLC bought a new position in Fermi during the 4th quarter worth approximately $81,000.
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.