Fermi Inc. (NASDAQ:FRMI - Get Free Report) major shareholder Toby Neugebauer sold 420,749 shares of the company's stock in a transaction dated Tuesday, October 20th. The stock was sold at an average price of $3.04, for a total value of $1,279,076.96. Following the completion of the sale, the insider directly owned 91,188,910 shares of the company's stock, valued at $277,214,286.40. The trade was a 0.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own at least 10% of a company's shares are required to disclose their sales and purchases with the SEC.
Fermi Trading Down 7.3%
FRMI stock opened at $2.65 on Friday. Fermi Inc. has a 1 year low of $2.59 and a 1 year high of $30.90. The stock has a 50-day simple moving average of $4.64 and a 200-day simple moving average of $5.88.
Fermi (NASDAQ:FRMI - Get Free Report) last announced its earnings results on Thursday, August 13th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.02. During the same period in the previous year, the company earned ($0.02) EPS. On average, research analysts expect that Fermi Inc. will post -0.33 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Fermi
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Fermi during the second quarter valued at about $38,499,000. Value Aligned Research Advisors LLC purchased a new stake in shares of Fermi during the second quarter worth about $12,531,000. Philadelphia Financial Management of San Francisco LLC purchased a new stake in shares of Fermi during the second quarter worth about $3,893,000. Alyeska Investment Group L.P. lifted its stake in shares of Fermi by 82.4% in the second quarter. Alyeska Investment Group L.P. now owns 2,886,836 shares of the company's stock worth $26,443,000 after acquiring an additional 1,303,979 shares in the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of Fermi in the second quarter worth about $1,845,000.
Wall Street Analyst Weigh In
Several brokerages have issued reports on FRMI. Mizuho lowered their price objective on shares of Fermi from $27.00 to $11.00 and set an "outperform" rating for the company in a research report on Tuesday, July 28th. Cantor Fitzgerald reduced their target price on shares of Fermi from $12.00 to $8.00 and set an "overweight" rating on the stock in a research report on Friday, October 16th. Finally, Weiss Ratings cut shares of Fermi from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Friday, August 14th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $20.67.
Check Out Our Latest Stock Report on Fermi
Fermi Company Profile
(
Get Free Report)
Fermi, Inc (NASDAQ: FRMI) is an energy and infrastructure company focused on developing large-scale power and data center facilities for artificial intelligence and other high-performance computing applications. Its business model centers on integrating electricity generation, energy storage and data center infrastructure within a single campus.
The company's principal development is Project Matador, a planned energy and data center campus in the Texas Panhandle. The project is designed to use a mix of power sources, including nuclear energy, natural gas, solar generation and battery storage, with the goal of providing reliable electricity for data center customers.
Fermi's activities are currently concentrated in the United States, particularly Texas.
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