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

Fermi Inc. (NASDAQ:FRMI) shares were down 6.9% during trading on Tuesday . The company traded as low as $9.39 and last traded at $9.43. Approximately 1,116,381 shares changed hands during trading, a decline of 85% from the average daily volume of 7,515,352 shares. The stock had previously closed at $10.13.

Analyst Ratings Changes

FRMI has been the subject of a number of recent analyst reports. Zacks Research raised shares of Fermi to a “hold” rating in a report on Tuesday, October 28th. Redburn Partners set a $31.00 target price on Fermi in a research note on Monday, October 27th. Stifel Nicolaus assumed coverage on Fermi in a report on Monday, October 27th. They issued a “buy” rating and a $29.00 price target for the company. Rothschild & Co Redburn began coverage on Fermi in a report on Monday, October 27th. They set a “buy” rating and a $31.00 price objective on the stock. Finally, Evercore ISI set a $37.00 target price on Fermi and gave the company an “outperform” rating in a research note on Monday, October 27th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Fermi presently has an average rating of “Moderate Buy” and an average target price of $31.56.

Fermi Trading Down 6.7%

The stock has a market capitalization of $5.80 billion and a P/E ratio of -11.25. The stock has a fifty day moving average of $12.39.

Fermi (NASDAQ:FRMI) last announced its quarterly earnings data on Monday, November 10th. The company reported ($0.84) earnings per share (EPS) for the quarter.

Hedge Funds Weigh In On Fermi

A hedge fund recently bought a new stake in Fermi stock. ORG Wealth Partners LLC bought a new stake in shares of Fermi Inc. (NASDAQ:FRMI) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 18,817 shares of the company’s stock, valued at approximately $151,000.

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.