Fermi Sees Unusually High Options Volume (NASDAQ:FRMI)

Fermi Inc. (NASDAQ:FRMI) was the target of unusually large options trading on Thursday. Stock investors purchased 77,536 call options on the company. This is an increase of 133% compared to the typical volume of 33,313 call options.

Insider Buying and Selling

In other news, insider Charles Lynn Hamilton sold 398,140 shares of the firm’s stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $4.58, for a total transaction of $1,823,481.20. Following the completion of the sale, the insider owned 5,525,910 shares in the company, valued at $25,308,667.80. This trade represents a 6.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Miles E. Everson sold 427,004 shares of the firm’s stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $4.58, for a total transaction of $1,955,678.32. Following the sale, the chief financial officer owned 9,969,791 shares of the company’s stock, valued at $45,661,642.78. This represents a 4.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 13,435,207 shares of company stock valued at $67,803,539 over the last 90 days.

Hedge Funds Weigh In On Fermi

Several institutional investors have recently modified their holdings of the business. Balyasny Asset Management L.P. acquired a new position in shares of Fermi in the fourth quarter worth $16,549,000. M&G PLC acquired a new position in shares of Fermi in the fourth quarter worth $14,443,000. Nuveen LLC acquired a new position in shares of Fermi in the fourth quarter worth $11,067,000. Millennium Management LLC acquired a new position in shares of Fermi in the fourth quarter worth $10,871,000. Finally, Nexpoint Asset Management L.P. acquired a new position in shares of Fermi in the fourth quarter worth $10,412,000.

Fermi Stock Up 18.5%

NASDAQ FRMI traded up $1.11 during trading on Thursday, hitting $7.11. The stock had a trading volume of 38,130,907 shares, compared to its average volume of 11,536,070. The company has a market capitalization of $4.53 billion and a PE ratio of -8.56. The firm has a 50 day moving average price of $6.31 and a 200 day moving average price of $10.79. Fermi has a twelve month low of $4.47 and a twelve month high of $36.99.

Fermi (NASDAQ:FRMI) last released its earnings results on Thursday, May 14th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.25). On average, sell-side analysts anticipate that Fermi will post 0.4 earnings per share for the current year.

Analysts Set New Price Targets

FRMI has been the subject of a number of recent analyst reports. Citizens Jmp initiated coverage on shares of Fermi in a report on Monday, February 9th. They set a “market outperform” rating and a $30.00 price target for the company. Texas Capital upgraded shares of Fermi to a “strong-buy” rating in a report on Tuesday, January 20th. Cantor Fitzgerald initiated coverage on shares of Fermi in a report on Thursday, April 9th. They issued an “overweight” rating and a $8.00 price objective on the stock. Citigroup initiated coverage on shares of Fermi in a report on Monday, February 9th. They issued an “outperform” rating on the stock. Finally, UBS Group lowered shares of Fermi from a “buy” rating to a “neutral” rating and set a $6.00 price objective on the stock. in a report on Tuesday, May 5th. Three equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Fermi has a consensus rating of “Moderate Buy” and a consensus target price of $26.67.

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.