Fermi Inc. (NASDAQ: FRMI) Chief Operating Officer Jacobo Ortiz Blanes reported two stock sale transactions in a Form 4 filed with the Securities and Exchange Commission, disposing of a combined 830,908 shares of the company’s common stock on April 8 and April 9, 2026. The combined proceeds from the sales were roughly $3.9 million.
Details in the filing show the sales were executed in two tranches. On April 8, Ortiz Blanes sold 403,545 shares at a weighted average price of $4.91, generating $1,981,406.45; those shares traded within a price band of $4.77 to $5.16. The following day, April 9, he sold 427,363 shares at a weighted average of $4.58, totaling $1,957,324.54; the prices for that block ranged from $4.47 to $4.76.
After completing these sales, Ortiz Blanes directly holds 5,469,092 shares of Fermi common stock. That total includes 4,200,000 shares classified as restricted common stock and subject to time-based vesting conditions. The filing also notes that Ortiz Blanes may be deemed to beneficially own an additional 7,875,000 shares that are held directly by Las Brisas Financial Services LLC, where he serves as a managing member.
The insider sales come as Fermi’s share price is trading close to its 52-week low of $4.47, with the stock having fallen 85% over the past year. Market research cited in the filing indicates that InvestingPro offers further analysis on FRMI, including 16 additional ProTips, a Fair Value analysis, and an in-depth Pro Research Report. Those resources flag that the company is depleting cash at a rapid pace and that analysts do not expect the firm to reach profitability in the current year.
Investors have also had recent quarterly disclosures to digest. Fermi America reported fourth-quarter 2025 results that included a sizable net loss and elevated non-cash expenses. These Q4 2025 results followed the company’s first completed fiscal year as a public entity and appeared to unsettle some investors, in part because management did not announce a first tenant lease during the subsequent earnings call.
Analyst reactions have varied. UBS lowered its price target for Fermi from $30.00 to $8.00 while maintaining a Buy rating. Texas Capital Securities reiterated its Buy rating with a $23.00 target, referencing the completion of the first phase of construction at Project Matador and citing a cash balance of $408.5 million. Stifel also kept a Buy rating and a $29.00 price target, noting progress at Project Matador and calling out a successful $1 billion financing in 2025 that included $745.6 million in net proceeds from the company’s initial public offering.
Taken together, the insider sales, the company’s latest financial disclosures, and diverse analyst assessments paint a mixed near-term picture for Fermi. The transactions and commentary provide data points for shareholders and observers assessing liquidity, capital deployment, and the timeline for potential revenue or lease milestones.
Summary of transactions
- April 8, 2026: 403,545 shares sold at a weighted average price of $4.91; total $1,981,406.45 (prices $4.77 to $5.16).
- April 9, 2026: 427,363 shares sold at a weighted average price of $4.58; total $1,957,324.54 (prices $4.47 to $4.76).
- Post-sales direct ownership: 5,469,092 shares, including 4,200,000 restricted shares subject to time-based vesting.
- Potential beneficial ownership: 7,875,000 shares held by Las Brisas Financial Services LLC, where Ortiz Blanes is managing member.