Fermi (NASDAQ:FRMI) Shares Climb 5.7% – Should You Buy?

Fermi Inc. (NASDAQ:FRMI)’s stock price traded up 5.7% on Monday. The company traded as high as $1.7150 and last traded at $1.66. 23,077,644 shares traded hands during trading, an increase of 41% from the average session volume of 16,346,043 shares. The stock had previously closed at $1.57.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on FRMI shares. Mizuho cut their price objective on Fermi from $27.00 to $11.00 and set an “outperform” rating on the stock in a report on Tuesday, July 28th. Cantor Fitzgerald lowered their target price on Fermi from $12.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, October 16th. Finally, Weiss Ratings downgraded Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $16.86.

Fermi Stock Up 5.7%

The firm has a market capitalization of $1.06 billion and a price-to-earnings ratio of -1.41. The stock has a 50-day moving average price of $3.88 and a 200 day moving average price of $6.31.

Fermi (NASDAQ:FRMI) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. During the same quarter in the previous year, the company posted ($0.02) earnings per share. As a group, equities analysts forecast that Fermi Inc. will post -0.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Fermi

In other news, major shareholder Toby Neugebauer sold 5,000,000 shares of Fermi stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $1.52, for a total transaction of $7,600,000.00. Following the completion of the sale, the insider directly owned 84,813,010 shares of the company’s stock, valued at approximately $128,915,775.20. The trade was a 5.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders have sold 12,125,749 shares of company stock valued at $28,639,969. 2.83% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fermi

Several large investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in Fermi in the second quarter valued at $38,499,000. BlueCrest Capital Management Ltd purchased a new position in shares of Fermi during the second quarter worth about $33,276,000. Ratan Capital Management LP acquired a new stake in shares of Fermi during the second quarter worth about $19,774,000. Weiss Asset Management LP increased its position in shares of Fermi by 431.6% during the first quarter. Weiss Asset Management LP now owns 2,415,027 shares of the company’s stock worth $14,104,000 after purchasing an additional 1,960,764 shares in the last quarter. Finally, Bank of America Corp DE purchased a new stake in shares of Fermi in the 2nd quarter valued at about $17,859,000.

About Fermi

Fermi Inc develops energy and data-center infrastructure intended to support artificial intelligence and other high-performance computing needs. Its business centers on planning and building integrated campuses that pair large-scale power resources with data-center facilities.

The company’s flagship development is Project Matador, a planned campus in the Texas Panhandle near Amarillo. The project is designed to combine data centers with a mix of power-generation and energy-storage resources; it remains a development project rather than an established portfolio of operating facilities.

Fermi was co-founded by Toby Neugebauer and former Texas governor and U.S.