Fermi (NASDAQ:FRMI) Trading 7.9% Higher – Time to Buy?

by · The Cerbat Gem

Fermi Inc. (NASDAQ:FRMI – Get Free Report) shares shot up 7.9% on Tuesday . The company traded as high as $5.56 and last traded at $5.5230. Approximately 4,713,993 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 14,886,275 shares. The stock had previously closed at $5.12.

Analyst Ratings Changes

Several analysts have recently commented on the stock. 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 research report on Friday, May 15th. Mizuho dropped their target price on shares of Fermi from $27.00 to $11.00 and set an “outperform” rating for the company in a report on Tuesday, July 28th. Weiss Ratings lowered Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, August 14th. Finally, Stifel Nicolaus decreased their price target on Fermi from $29.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday, June 23rd. Two analysts have rated the stock with a Strong Buy rating, seven have issued 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.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $20.67.

Check Out Our Latest Stock Report on Fermi

Fermi Stock Performance

The firm has a market cap of $3.54 billion and a PE ratio of -4.69. The firm has a fifty day simple moving average of $6.23 and a two-hundred day simple moving average of $6.71.

Fermi (NASDAQ:FRMI – Get Free Report) last posted its earnings results on Thursday, August 13th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. During the same quarter in the previous year, the business earned ($0.02) earnings per share. Equities analysts forecast that Fermi Inc. will post -0.33 EPS for the current fiscal year.

Insider Activity

In related news, Director James Perry sold 863,637 shares of the stock in a transaction dated Tuesday, June 30th. The shares were 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 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Institutional Investors Weigh In On Fermi

Large investors have recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC purchased a new stake in Fermi in the 2nd quarter worth about $1,845,000. Tidal Investments LLC grew its position in shares of Fermi by 348.2% during the 2nd quarter. Tidal Investments LLC now owns 173,114 shares of the company’s stock worth $1,586,000 after buying an additional 134,486 shares in the last quarter. Whetstone Capital Advisors LLC purchased a new position in shares of Fermi during the second quarter valued at $12,009,000. BlueCrest Capital Management Ltd purchased a new stake in Fermi in the second quarter worth about $33,276,000. Finally, Concorde Asset Management LLC increased its position in Fermi by 39.0% during the 2nd quarter. Concorde Asset Management LLC now owns 53,650 shares of the company’s stock valued at $491,000 after purchasing an additional 15,040 shares during the period.

Fermi Company Profile

(Get Free Report)

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.

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