Summary
Caddis Holdings, LP, which holds about 10% of Fermi Inc., sold a combined 11,000,000 shares of the company’s common stock in two block transactions on March 30 and March 31, 2026, for an aggregate consideration of roughly $56,268,500. The disposition coincided with marked share price volatility: Fermi’s stock declined 19% over the previous week and is down 83% over the past 12 months.
Details of the transactions
On March 30, 2026, Caddis Holdings, LP sold 9,000,000 shares at a weighted average price of $5.0213 per share. Reported execution prices for that tranche ranged from $4.9286 to $5.346, producing a total of approximately $45,191,700.
The following day, on March 31, 2026, the holder sold an additional 2,000,000 shares at a weighted average price of $5.5384, with reported trade prices between $5.4003 and $5.5494 per share, for proceeds near $11,076,800.
Post-sale holdings and beneficial ownership
After the two transactions, Caddis Holdings, LP directly owns 60,946,450 shares of Fermi Inc. common stock. Perry Griffin, identified as a manager of Caddis Capital, LLC - the general partner of Caddis Holdings, LP - may be considered to beneficially own the shares held by Caddis Holdings, LP, though he disclaims beneficial ownership except to the extent of his pecuniary interest.
Market context and analyst positioning
The insider sales unfolded against a backdrop of steep share-price erosion and divergent analyst views. Despite the recent weakness and a current trading price of $5.37, analysts cited in reports maintain price targets ranging from $20 to $35. Individual analyst moves include UBS trimming its price target for Fermi to $8.00 from $30.00 while retaining a Buy rating and attributing the adjustment to delayed tenant lease commitments. Texas Capital Securities reiterated a Buy rating with a $23.00 price objective, highlighting the completion of the first phase of construction at Project Matador and noting a cash balance of $408.5 million. Stifel also kept a Buy rating and set a $29.00 target, emphasizing Project Matador progress and the company’s financing activities, which included raising approximately $1 billion in 2025.
Recent operational and financial developments
Fermi America LLC disclosed fourth-quarter 2025 results that included a significant net loss and substantial non-cash expenses, developments that unsettled some investors. These results came at the close of Fermi’s first fiscal year as a public company and have heightened attention on the company’s current financial and operational position.
What investors should note
The transactions reduced a large stakeholder’s position while leaving Caddis Holdings, LP as a major shareholder. Simultaneously, analysts’ price targets remain materially higher than the company’s recent trading level, and the company’s recent quarterly results and non-cash charges have become focal points for market participants. For investors seeking more granular valuation and financial analysis, additional research resources are available through professional research reports.