Bank of America Corp DE Sells 1,296,248 Shares of Fermi Inc. $FRMI

Key Points

• Bank of America cut its Fermi stake by 72.4% in the first quarter, selling 1,296,248 shares and retaining 494,637 shares worth approximately $2.9 million.
• Fermi insiders sold more than 1 million shares worth about $7.3 million over the past three months, including a director’s sale of 863,637 shares.
• Analyst sentiment remains mixed: Fermi has a “Moderate Buy” consensus and an average price target of $20.67, while the stock traded near $4.97 after falling sharply from its 52-week high of $36.99.

Bank of America Corp DE lessened its position in Fermi Inc. (NASDAQ:FRMI - Free Report) by 72.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 494,637 shares of the company's stock after selling 1,296,248 shares during the period. Bank of America Corp DE owned about 0.08% of Fermi worth $2,889,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in FRMI. Leonteq Securities AG acquired a new stake in Fermi in the 4th quarter valued at about $30,000. PNC Financial Services Group Inc. acquired a new position in Fermi in the fourth quarter valued at about $36,000. SBI Securities Co. Ltd. acquired a new stake in shares of Fermi in the 4th quarter valued at approximately $41,000. MML Investors Services LLC acquired a new stake in Fermi in the fourth quarter worth $81,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in Fermi during the 4th quarter worth $86,000.

Insider Activity at Fermi

In other Fermi news, Director James Richard Perry sold 863,637 shares of the stock in a transaction on 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 completion of the sale, the director owned 15,827,807 shares in the company, valued at $115,701,269.17. This trade represents a 5.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Mesut Uzman sold 79,509 shares of the business's stock in a transaction dated 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 owned 670,491 shares in the company, valued at $4,230,798.21. This represents a 10.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 1,022,178 shares of company stock valued at $7,313,580.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. 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 report on Tuesday, May 5th. Weiss Ratings cut shares of Fermi from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Friday, August 14th. Mizuho reduced their target price on shares of Fermi from $27.00 to $11.00 and set an "outperform" rating for the company in a research note on Tuesday, July 28th. Wall Street Zen cut Fermi from a "hold" rating to a "sell" rating in a report on Sunday, May 10th. Finally, Stifel Nicolaus dropped their price target on Fermi from $29.00 to $17.00 and set a "buy" rating on the stock in a research note on Tuesday, June 23rd. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $20.67.

Fermi Trading Down 0.6%

Shares of FRMI stock opened at $4.97 on Tuesday. The firm's fifty day moving average price is $6.76 and its two-hundred day moving average price is $6.94. Fermi Inc. has a 1 year low of $4.47 and a 1 year high of $36.99. The firm has a market capitalization of $3.18 billion and a P/E ratio of -4.21.

Fermi (NASDAQ:FRMI - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.02. During the same period in the prior year, the firm posted ($0.02) earnings per share. As a group, equities research analysts forecast that Fermi Inc. will post -0.33 EPS for the current fiscal year.

Fermi 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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