1,949,698 Shares of Fermi Inc. $FRMI Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 1,949,698 Fermi shares during the second quarter, worth approximately $17.9 million and representing about 0.31% of the company.
• Fermi shares opened at $4.55, near their one-year low of $4.43 and well below the one-year high of $36.99. The company reported a quarterly loss of $0.04 per share, beating analyst estimates of a $0.06 loss.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $20.67, although several firms recently cut their targets. Meanwhile, director James Perry sold 863,637 shares for roughly $6.3 million.

Bank of America Corp DE acquired a new position in Fermi Inc. (NASDAQ:FRMI - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 1,949,698 shares of the company's stock, valued at approximately $17,859,000. Bank of America Corp DE owned about 0.31% of Fermi as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Leonteq Securities AG purchased a new stake in shares of Fermi in the 4th quarter valued at $30,000. NewEdge Advisors LLC acquired a new position in Fermi during the first quarter valued at $54,000. Financial Management Professionals Inc. acquired a new position in Fermi during the second quarter valued at $104,000. Byrne Asset Management LLC purchased a new stake in Fermi in the second quarter valued at $109,000. Finally, Resona Asset Management Co. Ltd. purchased a new stake in Fermi in the first quarter valued at $73,000.

Fermi Stock Performance

FRMI stock opened at $4.55 on Friday. The firm has a market cap of $2.91 billion and a PE ratio of -3.86. The firm's fifty day moving average is $5.77 and its 200 day moving average is $6.35. Fermi Inc. has a one year low of $4.43 and a one year high of $36.99.

Fermi (NASDAQ:FRMI - Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.04) earnings per share for the quarter, topping analysts' consensus estimates of ($0.06) by $0.02. During the same quarter last year, the company posted ($0.02) earnings per share. Research analysts predict that Fermi Inc. will post -0.33 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Stifel Nicolaus reduced their price objective on Fermi from $29.00 to $17.00 and set a "buy" rating for the company in a research note on Tuesday, June 23rd. Weiss Ratings downgraded Fermi from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Friday, August 14th. Finally, Mizuho dropped their target price on Fermi from $27.00 to $11.00 and set an "outperform" rating on the stock in a report on Tuesday, July 28th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Fermi presently has a consensus rating of "Moderate Buy" and an average target price of $20.67.

Insiders Place Their Bets

In other Fermi news, Director James Perry sold 863,637 shares of the stock in a transaction that occurred 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 transaction, the director owned 15,827,807 shares in the company, valued at approximately $115,701,269.17. This represents a 5.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Fermi Company Profile

Fermi Inc is an energy and digital infrastructure company developing large-scale power-generation and data-center facilities to support energy-intensive computing, including artificial intelligence applications. Its business focuses on integrating electricity generation, transmission infrastructure and data-center capacity within dedicated campuses.

The company's primary development effort is the Fermi America project near Amarillo, Texas, also referred to as Project Matador. The planned campus is intended to use a diversified energy portfolio that may include natural gas, nuclear power, solar generation and battery storage, with the goal of providing reliable electricity for data centers and other high-demand technology users.

Fermi's operations are currently centered on the United States, particularly Texas.

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