Fermi (NASDAQ:FRMI) Shares Down 6.9% – Should You Sell?

Fermi Inc. (NASDAQ:FRMI)’s share price was down 6.9% during mid-day trading on Monday . The company traded as low as $7.06 and last traded at $6.8860. 3,387,097 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 14,105,857 shares. The stock had previously closed at $7.40.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on FRMI shares. Stifel Nicolaus lowered their target price on Fermi from $29.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, June 23rd. Weiss Ratings restated a “sell (d-)” rating on shares of Fermi in a report on Thursday, July 2nd. Evercore cut Fermi from an “outperform” rating to an “in-line” rating and set a $11.00 price target on the stock. in a report on Friday, May 15th. Cantor Fitzgerald initiated coverage on Fermi in a report on Thursday, April 9th. They set an “overweight” rating and a $8.00 price objective for the company. Finally, Wall Street Zen lowered shares of Fermi from a “hold” rating to a “sell” rating in a report on Sunday, May 10th. Two 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $22.44.

Fermi Stock Down 2.7%

The firm has a market cap of $4.59 billion and a PE ratio of -6.32. The firm has a 50 day moving average of $7.17 and a 200 day moving average of $7.50.

Fermi (NASDAQ:FRMI) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.25). On average, research analysts anticipate that Fermi Inc. will post 0.34 EPS for the current year.

Insiders Place Their Bets

In related news, insider Mesut Uzman sold 79,509 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $6.31, for a total transaction of $501,701.79. Following the sale, the insider owned 670,491 shares of the company’s stock, valued at approximately $4,230,798.21. This represents a 10.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James Richard Perry sold 863,637 shares of the stock in a transaction dated 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 completion of the sale, the director directly owned 15,827,807 shares in the company, valued at approximately $115,701,269.17. The trade was a 5.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 1,022,178 shares of company stock worth $7,313,580.

Institutional Trading of Fermi

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Weiss Asset Management LP raised its position in Fermi by 431.6% during the first quarter. Weiss Asset Management LP now owns 2,415,027 shares of the company’s stock valued at $14,104,000 after purchasing an additional 1,960,764 shares in the last quarter. Balyasny Asset Management L.P. purchased a new position in Fermi during the 4th quarter valued at about $16,549,000. M&G PLC purchased a new position in shares of Fermi during the fourth quarter valued at approximately $14,443,000. Renaissance Technologies LLC raised its holdings in Fermi by 311.3% in the 1st quarter. Renaissance Technologies LLC now owns 1,403,700 shares of the company’s stock worth $8,198,000 after purchasing an additional 1,062,400 shares in the last quarter. Finally, Nuveen LLC bought a new position in Fermi in the fourth quarter worth about $11,067,000.

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.