Fermi Inc. (NASDAQ:FRMI) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Analyst consensus is “Moderate Buy” among 13 brokerages, with seven buy ratings, two strong buys, three holds and one sell. The average 12-month price target is $20.67, although several firms recently reduced their targets.
• Fermi shares opened at $5.92, near the lower end of their 12-month range of $4.47 to $36.99. The company reported a quarterly loss of $0.04 per share, beating analysts’ expected loss of $0.06.
• Insiders sold more than 1 million shares worth approximately $7.3 million during the past quarter, while institutional investors including BlackRock and Alyeska Investment Group established or expanded positions.

Shares of Fermi Inc. (NASDAQ:FRMI - Get Free Report) have been assigned an average rating of "Moderate Buy" from the thirteen brokerages that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, seven have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $20.6667.

A number of research firms recently issued reports on FRMI. Stifel Nicolaus dropped their target price on shares of Fermi from $29.00 to $17.00 and set a "buy" rating for the company in a research report on Tuesday, June 23rd. Wall Street Zen cut shares of Fermi from a "hold" rating to a "sell" rating in a research report on Sunday, May 10th. UBS Group downgraded shares of Fermi from a "buy" rating to a "neutral" rating and set a $6.00 price objective for the company. in a research note on Tuesday, May 5th. Weiss Ratings lowered shares of Fermi from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Friday, August 14th. Finally, Mizuho cut their target price on shares of Fermi from $27.00 to $11.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 28th.

Insider Buying and Selling at Fermi

In other news, insider Mesut Uzman sold 79,509 shares of the stock in a transaction dated 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 sale, the insider owned 670,491 shares in the company, valued at approximately $4,230,798.21. This trade represents a 10.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Richard Perry sold 863,637 shares of the firm's 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 sale, the director owned 15,827,807 shares in the company, valued at approximately $115,701,269.17. The trade was a 5.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 1,022,178 shares of company stock valued at $7,313,580.

Institutional Trading of Fermi

Large investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Fermi during the second quarter valued at approximately $38,499,000. Alyeska Investment Group L.P. boosted its stake in shares of Fermi by 82.4% in the second quarter. Alyeska Investment Group L.P. now owns 2,886,836 shares of the company's stock valued at $26,443,000 after purchasing an additional 1,303,979 shares during the period. Weiss Asset Management LP boosted its stake in shares of Fermi by 431.6% in the first quarter. Weiss Asset Management LP now owns 2,415,027 shares of the company's stock valued at $14,104,000 after purchasing an additional 1,960,764 shares during the period. Ratan Capital Management LP acquired a new stake in Fermi during the 2nd quarter valued at $19,774,000. Finally, Balyasny Asset Management L.P. acquired a new stake in Fermi during the 4th quarter valued at $16,549,000.

Fermi Price Performance

Shares of NASDAQ:FRMI opened at $5.92 on Friday. The firm has a market capitalization of $3.79 billion and a PE ratio of -5.02. The business has a 50-day moving average of $7.14 and a two-hundred day moving average of $7.07. Fermi has a 12 month low of $4.47 and a 12 month high of $36.99.

Fermi (NASDAQ:FRMI - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The company reported ($0.04) EPS for the quarter, topping analysts' consensus estimates of ($0.06) by $0.02. During the same period in the previous year, the company earned ($0.02) earnings per share. As a group, research analysts anticipate that Fermi will post -0.33 earnings per share for the current year.

Fermi Company Profile

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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