Fermi (NASDAQ:FRMI) Shares Up 3.1% – Still a Buy?

Fermi Inc. (NASDAQ:FRMI) shot up 3.1% on Tuesday. The stock traded as high as $2.75 and last traded at $2.62. 21,157,609 shares traded hands during trading, an increase of 33% from the average session volume of 15,882,618 shares. The stock had previously closed at $2.54.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Cantor Fitzgerald cut their price target on Fermi from $12.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, October 16th. Mizuho decreased their price objective on Fermi from $27.00 to $11.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 28th. Finally, Weiss Ratings downgraded Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Fermi currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.86.

Fermi Stock Up 3.1%

The stock has a fifty day simple moving average of $4.59 and a 200 day simple moving average of $6.68. The firm has a market capitalization of $1.68 billion and a P/E ratio of -2.22.

Fermi (NASDAQ:FRMI) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.02. During the same period in the previous year, the company earned ($0.02) earnings per share. Research analysts anticipate that Fermi Inc. will post -0.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fermi news, major shareholder Toby Neugebauer sold 2,750,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 13th. The stock was sold at an average price of $3.73, for a total value of $10,257,500.00. Following the completion of the transaction, the insider directly owned 91,609,659 shares in the company, valued at $341,704,028.07. This represents a 2.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last 90 days, insiders sold 4,467,949 shares of company stock valued at $15,622,757. 2.83% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fermi

Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. bought a new position in shares of Fermi during the second quarter worth $38,499,000. Value Aligned Research Advisors LLC purchased a new position in Fermi during the second quarter valued at $12,531,000. Philadelphia Financial Management of San Francisco LLC purchased a new position in Fermi during the second quarter valued at $3,893,000. Alyeska Investment Group L.P. increased its holdings in Fermi by 82.4% in the 2nd quarter. Alyeska Investment Group L.P. now owns 2,886,836 shares of the company’s stock valued at $26,443,000 after acquiring an additional 1,303,979 shares during the last quarter. Finally, Sequoia Financial Advisors LLC bought a new stake in Fermi in the 2nd quarter valued at $1,845,000.

Fermi Company Profile

Fermi, Inc (NASDAQ: FRMI) is an energy and infrastructure company focused on developing large-scale power and data center facilities for artificial intelligence and other high-performance computing applications. Its business model centers on integrating electricity generation, energy storage and data center infrastructure within a single campus.

The company’s principal development is Project Matador, a planned energy and data center campus in the Texas Panhandle. The project is designed to use a mix of power sources, including nuclear energy, natural gas, solar generation and battery storage, with the goal of providing reliable electricity for data center customers.

Fermi’s activities are currently concentrated in the United States, particularly Texas.