Fermi (NASDAQ:FRMI) Trading Up 6.1% – What’s Next?

Fermi Inc. (NASDAQ:FRMI)’s share price traded up 6.1% during trading on Friday . The company traded as high as $6.24 and last traded at $6.2940. Approximately 8,282,182 shares were traded during trading, a decline of 41% from the average session volume of 13,950,954 shares. The stock had previously closed at $5.93.

Analyst Upgrades and Downgrades

FRMI has been the topic of a number of research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fermi in a research note on Thursday, July 2nd. Evercore downgraded Fermi from an “outperform” rating to an “in-line” rating and set a $11.00 price objective for the company. in a research note on Friday, May 15th. UBS Group downgraded Fermi from a “buy” rating to a “neutral” rating and set a $6.00 price objective for the company. in a research note on Tuesday, May 5th. Stifel Nicolaus decreased their price objective on Fermi from $29.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday, June 23rd. Finally, Cantor Fitzgerald started coverage on shares of Fermi in a report on Thursday, April 9th. They set an “overweight” rating and a $8.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $22.44.

Fermi Trading Up 2.0%

The firm has a market capitalization of $3.86 billion and a price-to-earnings ratio of -5.31. The company has a fifty day moving average price of $7.12 and a two-hundred day moving average price of $7.56.

Fermi (NASDAQ:FRMI) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.25). As a group, equities research analysts expect that Fermi Inc. will post 0.34 earnings per share for the current year.

Insider Buying and Selling at Fermi

In other news, Director James Richard Perry sold 863,637 shares of Fermi stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $7.31, for a total transaction of $6,313,186.47. Following the transaction, the director owned 15,827,807 shares in the company, valued at $115,701,269.17. The trade was a 5.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mesut Uzman sold 79,509 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $6.31, for a total transaction of $501,701.79. Following the transaction, the insider directly owned 670,491 shares in the company, valued at approximately $4,230,798.21. The trade was a 10.60% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 1,022,178 shares of company stock valued at $7,313,580.

Institutional Investors Weigh In On Fermi

Hedge funds and other institutional investors have recently bought and sold shares of the company. Balyasny Asset Management L.P. acquired a new position in Fermi in the 4th quarter valued at about $16,549,000. Weiss Asset Management LP increased its holdings in shares of Fermi by 431.6% during the 1st quarter. Weiss Asset Management LP now owns 2,415,027 shares of the company’s stock worth $14,104,000 after buying an additional 1,960,764 shares during the last quarter. M&G PLC acquired a new stake in shares of Fermi during the 4th quarter worth approximately $14,443,000. Nuveen LLC purchased a new stake in shares of Fermi during the 4th quarter valued at approximately $11,067,000. Finally, Millennium Management LLC purchased a new stake in shares of Fermi during the 4th quarter valued at approximately $10,871,000.

About Fermi

Fermi’s mission is to power the artificial intelligence (“AI”) needs of tomorrow. We are an advanced energy and hyperscaler development company purpose-built for the AI era. Our mission is to deliver up to 11 gigawatts (“GW”) of low-carbon, HyperRedundant™, and on-demand power directly to the world’s most compute-intensive businesses with 1.1 GW of power projected to be online by the end of 2026. We have entered into a long-term lease on a site large enough to simultaneously house the next three largest data center campuses by square footage currently in existence.