Mizuho Cuts Fermi (NASDAQ:FRMI) Price Target to $11.00

Fermi (NASDAQ:FRMI) had its price objective cut by Mizuho from $27.00 to $11.00 in a report released on Tuesday, Marketbeat Ratings reports. They currently have an outperform rating on the stock.

FRMI has been the topic of several other research reports. Stifel Nicolaus lowered their price objective on shares of Fermi from $29.00 to $17.00 and set a “buy” rating on the stock in a research note on Tuesday, June 23rd. Wall Street Zen cut shares of Fermi from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Fermi in a report on Thursday, July 2nd. UBS Group lowered shares of Fermi from a “buy” rating to a “neutral” rating and set a $6.00 price target on the stock. in a research report on Tuesday, May 5th. Finally, Evercore downgraded shares of Fermi from an “outperform” rating to an “in-line” rating and set a $11.00 price objective on the stock. in a report on Friday, May 15th. Two equities 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $20.67.

Fermi Stock Up 14.8%

Shares of NASDAQ:FRMI opened at $6.73 on Tuesday. The company has a market cap of $4.29 billion and a price-to-earnings ratio of -5.90. The business has a 50 day moving average price of $7.20 and a 200 day moving average price of $7.43. Fermi has a twelve month low of $4.47 and a twelve month high of $36.99.

Fermi (NASDAQ:FRMI) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.25). Analysts anticipate that Fermi will post -0.33 EPS for the current year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Fermi

A number of hedge funds and other institutional investors have recently made changes to their positions in FRMI. Leonteq Securities AG acquired a new stake in shares of Fermi during the 4th quarter valued at about $30,000. PNC Financial Services Group Inc. acquired a new position in Fermi in the fourth quarter worth about $36,000. Aspect Partners LLC acquired a new position in Fermi in the fourth quarter worth about $38,000. SBI Securities Co. Ltd. bought a new position in Fermi during the fourth quarter worth about $41,000. Finally, NewEdge Advisors LLC bought a new position in Fermi during the first quarter worth about $54,000.

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.