Bank of New York Mellon Corp Purchases New Stake in Fermi Inc. $FRMI

Key Points

• Bank of New York Mellon purchased 514,349 shares of Fermi, valued at approximately $4.7 million, giving it a 0.08% stake. Several other institutional investors also initiated positions.
• Fermi shares rose 5.3% to $5.12, but remain well below the 52-week high of $36.99. The company reported a quarterly loss of $0.04 per share, beating analyst estimates of a $0.06 loss.
• Analyst sentiment remains mixed: recent firms lowered ratings or price targets, while the broader consensus is still “Moderate Buy” with a $20.67 target price. Director James Perry also sold 863,637 shares for about $6.3 million.

Bank of New York Mellon Corp purchased a new position in Fermi Inc. (NASDAQ:FRMI - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 514,349 shares of the company's stock, valued at approximately $4,711,000. Bank of New York Mellon Corp owned 0.08% of Fermi at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of FRMI. Leonteq Securities AG purchased a new position in Fermi in the 4th quarter valued at approximately $30,000. PNC Financial Services Group Inc. purchased a new stake in shares of Fermi during the fourth quarter worth $36,000. SBI Securities Co. Ltd. purchased a new stake in shares of Fermi during the fourth quarter worth $41,000. NewEdge Advisors LLC purchased a new stake in Fermi during the 1st quarter worth about $54,000. Finally, Resona Asset Management Co. Ltd. purchased a new stake in Fermi during the 1st quarter worth about $73,000.

Fermi Trading Up 5.3%

Shares of NASDAQ FRMI opened at $5.12 on Friday. The stock's 50-day moving average is $6.45 and its 200 day moving average is $6.82. The stock has a market cap of $3.28 billion and a price-to-earnings ratio of -4.34. Fermi Inc. has a 1-year low of $4.47 and a 1-year high of $36.99.

Fermi (NASDAQ:FRMI - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($0.04) EPS for the quarter, beating analysts' consensus estimates of ($0.06) by $0.02. During the same quarter in the prior year, the firm earned ($0.02) EPS. On average, analysts forecast that Fermi Inc. will post -0.33 EPS for the current fiscal year.

Insider Activity at Fermi

In other news, Director James Perry sold 863,637 shares of the business's stock in a transaction dated Tuesday, June 30th. The stock was 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 of the company's stock, valued at approximately $115,701,269.17. The trade was a 5.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FRMI. Weiss Ratings lowered Fermi from a "sell (d-)" rating to a "sell (e+)" rating in a report on Friday, August 14th. Evercore cut shares of Fermi from an "outperform" rating to an "in-line" rating and set a $11.00 price objective for the company. in a research note on Friday, May 15th. Stifel Nicolaus decreased their target price on shares of Fermi from $29.00 to $17.00 and set a "buy" rating on the stock in a report on Tuesday, June 23rd. Wall Street Zen cut shares of Fermi from a "hold" rating to a "sell" rating in a research note on Sunday, May 10th. Finally, Mizuho cut their price target on shares of Fermi from $27.00 to $11.00 and set an "outperform" rating for the company in a report on Tuesday, July 28th. Two research 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 given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $20.67.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.