Fermi Inc. (NASDAQ:FRMI) Chief Financial Officer Miles E. Everson sold a combined 830,209 shares of the company's common stock across April 8 and April 9, 2026, for aggregate proceeds of about $3.9 million.
On April 8, Everson disposed of 403,205 shares at an average price of $4.91. Those shares changed hands in several transactions at prices spanning $4.77 to $5.16. The following day, April 9, he sold an additional 427,004 shares at an average of $4.58, with individual trades ranging from $4.47 to $4.76.
These sales took place while Fermi shares were trading near their 52-week low of $4.47, the stock having fallen approximately 85% over the past year.
Holdings after the sales
After completing the April transactions, Everson is recorded as directly holding 9,969,791 shares of Fermi common stock. That total includes 8,700,000 restricted common shares that remain subject to time-based vesting terms. In addition to his direct holdings, Everson indirectly owns 900,000 shares through Lady Bird Advisory 2 LLC.
An InvestingPro analysis cited in company reports places a Fair Value estimate for the stock at $5.24, versus a reported current trading price of $4.89.
Recent company results and analyst reactions
Separately, Fermi America LLC disclosed fourth-quarter 2025 results that showed a notable net loss and significant non-cash expenses. Those financial results came in the company’s first fiscal year as a public company and appeared to unsettle some investors.
During the company’s earnings call, management did not announce a first tenant lease, a detail that drew reactions from the sell-side. UBS trimmed its price target on Fermi from $30 to $8 while keeping a Buy rating. Texas Capital Securities reiterated a Buy rating with a $23 price target, emphasizing the completion of the first phase of construction at Project Matador. Stifel also retained a Buy rating and set a $29 price target, noting both construction progress at the Project Matador site and Fermi’s year-end cash balance of $408.5 million.
The company reported that it raised roughly $1 billion in financing during 2025, which included $745.6 million in net proceeds from its initial public offering. Those financing achievements and construction milestones sit alongside the weak quarterly financials and the absence of an announced first tenant lease, producing a split in analyst perspectives on near-term prospects.
Context and implications
The insider sale by Fermi’s CFO and the company’s recent results present a mixed signal to investors: sizeable insider holdings remain in place, including restricted shares and indirect holdings, while the stock price sits near multi-year lows. Analysts continue to diverge, maintaining Buy ratings in many cases but applying a wide range of price targets reflecting differing views on valuation and execution risks.
The facts in this report are limited to the disclosed insider transactions, the company’s reported quarter results, analyst commentary, and the capital-raising figures provided by the company.