Fermi (NASDAQ:FRMI) Upgraded at Wall Street Zen

Key Points

• Fermi was upgraded by Wall Street Zen from "sell" to "hold," while MarketBeat shows a consensus analyst rating of "Buy" with a $26.89 consensus price target, despite mixed notes (e.g., UBS cut its target to $8).
• FRMI stock opened at $5.17 with a $3.26 billion market cap and negative P/E (-6.15); its 50-day SMA ($6.97) is below the 200-day SMA ($11.99) and the 52-week range is $4.47–$36.99, signaling the shares are well off prior highs.
• Significant insider selling occurred on April 9—CFO and COO each sold ~427k shares at $4.58—and insiders have sold 13,435,207 shares (~$67.8M) in the last 90 days, even as several hedge funds (Balyasny, M&G, Nuveen, Millennium, Nexpoint) initiated new positions.

Fermi (NASDAQ:FRMI - Get Free Report) was upgraded by analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Saturday.

A number of other equities analysts also recently commented on the stock. Texas Capital upgraded shares of Fermi to a "strong-buy" rating in a research note on Tuesday, January 20th. Weiss Ratings restated a "sell (e+)" rating on shares of Fermi in a research note on Monday, March 23rd. Citigroup began coverage on shares of Fermi in a research note on Monday, February 9th. They issued an "outperform" rating on the stock. UBS Group dropped their target price on shares of Fermi from $30.00 to $8.00 and set a "buy" rating on the stock in a research note on Wednesday, April 1st. Finally, Cantor Fitzgerald assumed coverage on shares of Fermi in a research note on Thursday, April 9th. They set an "overweight" rating and a $8.00 price objective on the stock. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $26.89.

Fermi Price Performance

Shares of FRMI stock opened at $5.17 on Friday. The company has a market capitalization of $3.26 billion and a P/E ratio of -6.15. The company's 50-day simple moving average is $6.97 and its two-hundred day simple moving average is $11.99. Fermi has a one year low of $4.47 and a one year high of $36.99.

Insider Buying and Selling at Fermi

In other news, CFO Miles E. Everson sold 427,004 shares of the stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $4.58, for a total transaction of $1,955,678.32. Following the transaction, the chief financial officer directly owned 9,969,791 shares in the company, valued at approximately $45,661,642.78. This trade represents a 4.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Blanes Jacobo Ortiz sold 427,363 shares of the stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $4.58, for a total transaction of $1,957,322.54. Following the transaction, the chief operating officer owned 5,469,092 shares in the company, valued at approximately $25,048,441.36. This represents a 7.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 13,435,207 shares of company stock valued at $67,803,539 in the last ninety days.

Hedge Funds Weigh In On Fermi

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Balyasny Asset Management L.P. bought a new position in shares of Fermi during the fourth quarter valued at approximately $16,549,000. M&G PLC acquired a new stake in Fermi in the fourth quarter valued at approximately $14,443,000. Nuveen LLC acquired a new stake in Fermi in the fourth quarter valued at approximately $11,067,000. Millennium Management LLC acquired a new stake in Fermi in the fourth quarter valued at approximately $10,871,000. Finally, Nexpoint Asset Management L.P. acquired a new stake in Fermi in the fourth quarter valued at approximately $10,412,000.

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.

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