Fermi (NASDAQ:FRMI) Shares Gap Down - Here's What Happened

Key Points

• Fermi stock gapped down premarket from $6.18 to an open of $4.95 and last traded at $4.7740 on heavy volume of 18.56 million shares.
• Analysts are mixed but the consensus rating is "Buy" with an average target price of $31.44; coverage ranges from Citigroup's "outperform" and Texas Capital's "strong-buy" to Weiss and Wall Street Zen issuing sell ratings.
• Fermi is an AI-focused power and hyperscaler developer aiming to deliver up to 11 GW of low-carbon power (with 1.1 GW projected online by end of 2026) and has attracted several new institutional stakes, including a $5.6M position by Empire Life Investments.

Fermi Inc. (NASDAQ:FRMI - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $6.18, but opened at $4.95. Fermi shares last traded at $4.7740, with a volume of 18,561,285 shares changing hands.

Analysts Set New Price Targets

A number of research analysts recently commented on FRMI shares. Citigroup began coverage on Fermi in a research report on Monday, February 9th. They issued an "outperform" rating on the stock. Texas Capital upgraded shares of Fermi to a "strong-buy" rating in a research note on Tuesday, January 20th. Citizens Jmp assumed coverage on shares of Fermi in a report on Monday, February 9th. They issued a "market outperform" rating and a $30.00 target price on the stock. Weiss Ratings restated a "sell (e+)" rating on shares of Fermi in a research report on Monday, March 23rd. Finally, Wall Street Zen lowered shares of Fermi from a "hold" rating to a "sell" rating in a research report on Saturday. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $31.44.

Fermi Price Performance

The business has a 50-day moving average of $8.79. The company has a market cap of $3.39 billion and a price-to-earnings ratio of -6.68.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Axxcess Wealth Management LLC acquired a new position in Fermi in the 4th quarter worth about $604,000. ANTIPODES PARTNERS Ltd acquired a new stake in shares of Fermi during the fourth quarter valued at about $465,000. Empire Life Investments Inc. bought a new stake in shares of Fermi during the fourth quarter worth about $5,611,000. SBI Securities Co. Ltd. bought a new stake in shares of Fermi during the fourth quarter worth about $41,000. Finally, WJ Financial Advisors LLC acquired a new position in shares of Fermi in the fourth quarter valued at approximately $167,000.

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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