Fermi (NASDAQ:FRMI) Stock Price Up 6.1% – Here’s Why

Fermi Inc. (NASDAQ:FRMI) shares rose 6.1% during trading on Friday . The company traded as high as $6.77 and last traded at $6.7050. Approximately 5,330,367 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 13,918,546 shares. The stock had previously closed at $6.32.

Wall Street Analyst Weigh In

FRMI has been the topic of several analyst reports. Evercore downgraded 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. Stifel Nicolaus reduced their target price on Fermi from $29.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday, June 23rd. Cantor Fitzgerald assumed coverage on shares of Fermi in a research report on Thursday, April 9th. They set an “overweight” rating and a $8.00 price target for the company. Wall Street Zen lowered shares of Fermi from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fermi in a report on Thursday, July 2nd. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $22.44.

Fermi Stock Up 17.1%

The firm has a market capitalization of $4.72 billion and a price-to-earnings ratio of -6.49. The stock has a 50 day moving average of $7.17 and a 200 day moving average of $7.51.

Fermi (NASDAQ:FRMI) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.25). Analysts predict that Fermi Inc. will post 0.34 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Mesut Uzman sold 79,509 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $6.31, for a total transaction of $501,701.79. Following the transaction, the insider directly owned 670,491 shares in the company, valued at $4,230,798.21. This trade 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 Fermi stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $7.31, for a total transaction 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 represents a 5.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,022,178 shares of company stock valued at $7,313,580 over the last quarter.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Leonteq Securities AG acquired a new position in shares of Fermi in the 4th quarter valued at about $30,000. PNC Financial Services Group Inc. acquired a new stake in Fermi during the fourth quarter worth about $36,000. Aspect Partners LLC acquired a new stake in Fermi during the fourth quarter worth about $38,000. SBI Securities Co. Ltd. bought a new position in Fermi in the fourth quarter worth about $41,000. Finally, NewEdge Advisors LLC bought a new position in Fermi in 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.