Fermi (FRMI) 10% Owner Neugebauer Toby R Sells $10M of Stock

Toby R. Neugebauer, a 10% owner of Fermi Inc. (NasdaqGS: FRMI), sold 2.75 million shares on October 13, 2026. He received approximately $10.3 million from this transaction, with shares priced at $3.73 each. This sale comes as Fermi's stock trades near its yearly lows, raising interest in the company's future direction.

Inside Neugebauer's Trade

Neugebauer's sale of 2.75 million shares reduced his stake significantly. His recent transaction was not planned, and it highlights the ongoing struggles of Fermi Inc. in the market. The shares traded around $3.37 recently, which is about 89% below the company's 52-week high of $30.90.

Other Institutional Activity in Fermi Inc.

Several other institutions have been active with Fermi Inc. Srs Investment Management, LLC increased its holdings by 10,102,790 shares, bringing its total to 20,205,579 shares valued at about $63.8 million. Citadel Advisors LLC added 2,365,453 shares, now holding 8,587,055 shares worth around $27.1 million. Point72 Asset Management, L.P. grew its position by 5,790,505 shares, totaling 7,036,123 shares valued at about $22.2 million. Shaw D.E. & Co., Inc. also expanded its stake by 4,590,530 shares, now holding 5,418,891 shares worth approximately $17.1 million. Millennium Management LLC added 4,244,460 shares, bringing its total to 4,303,619 shares valued at about $13.6 million.

Fermi Inc. Stock Down 0.7%

Fermi Inc. shares are currently trading below their 50-day moving average of $5.04 and their 200-day moving average of $6.81. The recent price of $3.37 is above its 52-week low of $3.00 but significantly below the average target price of $17.13 set by analysts. This disparity suggests ongoing challenges for the company in gaining investor confidence.

Recent Earnings

Fermi Inc. reported trailing twelve-month revenue of $0 and an earnings per share (EPS) of -$1.27. The company has a net margin of 0.0%, indicating it is currently not profitable. Its next earnings report is scheduled for November 12, 2026.

Insider Buying and Selling at Fermi Inc.

Before Neugebauer's recent sale, several insiders had also sold shares. On April 9, 2026, Chief Financial Officer Miles E. Everson sold 830,209 shares, valued at about $3.94 million. Officer Charlie Hamilton sold 774,090 shares on the same day for about $3.67 million. On June 3, 2026, Officer Mesut Uzman sold 158,541 shares at a price of $6.31, totaling approximately $1 million. Director James Richard Perry sold 863,637 shares on June 30, 2026, valued at about $7.91 million. These sales indicate a trend of insider selling at Fermi Inc.

Analysts Set New Price Targets

On June 23, 2026, Stifel maintained a 'Buy' rating on Fermi Inc. with a price target of $17.00, down from a previous target of $29.00. Mizuho also maintained an 'Outperform' rating with a reduced target of $11.00 on July 28, 2026. Macquarie has kept its 'Outperform' rating with targets of $18.00 and then $15.00 on August 13 and August 14, 2026, respectively. Most recently, on October 14, 2026, Macquarie maintained its 'Outperform' rating with a target of $15.00. The consensus rating remains a 'buy' with a mean price target of $17.13 from eight analysts.

About Fermi Inc.

Fermi Inc. develops advanced private electric grids that provide reliable power at a large scale, supporting energy needs for emerging technologies like AI. The company is based in Amarillo, Texas, and employs about 35 people. Its innovative approach aims to position it as a leader in the energy sector, especially as demand for reliable power grows.

Bottom Line

Investors will be watching Fermi Inc. closely as it approaches its next earnings date on November 12, 2026. Neugebauer's significant share sale raises questions about insider confidence, especially as the stock struggles to gain traction in the market. Further filings and insider activities will be crucial to monitor as the company navigates its challenges.