Bank of Nova Scotia Acquires Shares of 848,400 Fermi Inc. $FRMI

Bank of Nova Scotia bought a new position in shares of Fermi Inc. (NASDAQ:FRMI - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 848,400 shares of the company's stock, valued at approximately $7,771,000. Bank of Nova Scotia owned 0.13% of Fermi as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in FRMI. Renaissance Capital LLC acquired a new position in Fermi in the fourth quarter valued at about $182,000. Pekin Hardy Strauss Inc. acquired a new position in shares of Fermi during the 4th quarter worth about $158,000. WJ Financial Advisors LLC acquired a new position in shares of Fermi during the 4th quarter worth about $167,000. SBI Securities Co. Ltd. bought a new stake in shares of Fermi in the 4th quarter valued at about $41,000. Finally, Empire Life Investments Inc. bought a new stake in shares of Fermi in the 4th quarter valued at about $5,611,000.

Insider Buying and Selling at Fermi

In other Fermi news, Director James Richard Perry sold 863,637 shares of Fermi stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $7.31, for a total transaction of $6,313,186.47. Following the completion of the transaction, the director directly owned 15,827,807 shares of the company's stock, valued at $115,701,269.17. The trade was a 5.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mesut Uzman sold 79,509 shares of the company's stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $6.31, for a total transaction of $501,701.79. Following the completion of the transaction, the insider owned 670,491 shares in the company, valued at approximately $4,230,798.21. This represents a 10.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,022,178 shares of company stock valued at $7,313,580 in the last ninety days.

Fermi Trading Down 5.1%

NASDAQ FRMI opened at $5.62 on Tuesday. The stock has a 50 day moving average of $7.11 and a 200-day moving average of $7.04. Fermi Inc. has a 12 month low of $4.47 and a 12 month high of $36.99. The company has a market cap of $3.60 billion and a PE ratio of -4.76.

Fermi (NASDAQ:FRMI - Get Free Report) last announced 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 last year, the firm posted ($0.02) earnings per share. As a group, sell-side analysts predict that Fermi Inc. will post -0.33 EPS for the current fiscal year.

Analysts Set New Price Targets

Several 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. Mizuho lowered their price target on Fermi from $27.00 to $11.00 and set an "outperform" rating for the company in a report on Tuesday, July 28th. Evercore lowered Fermi from an "outperform" rating to an "in-line" rating and set a $11.00 price target on the stock. in a research report on Friday, May 15th. Stifel Nicolaus cut their price objective on Fermi from $29.00 to $17.00 and set a "buy" rating on the stock in a report on Tuesday, June 23rd. Finally, Wall Street Zen lowered Fermi from a "hold" rating to a "sell" rating in a research report on Sunday, May 10th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price 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.

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