Cetera Investment Advisers Raises Stock Position in Fermi Inc. $FRMI

Key Points

• Cetera Investment Advisers increased its Fermi stake by 3,262.3% in the first quarter, acquiring 1.17 million additional shares and holding approximately 0.19% of the company, worth $7.0 million.
• Fermi insiders sold more than 1.02 million shares worth $7.3 million over the past 90 days, including substantial sales by Director James Richard Perry and insider Mesut Uzman.
• Analyst sentiment remains mixed: Fermi has a “Moderate Buy” consensus rating and a $20.67 price target, but several firms recently downgraded the stock. Shares opened at $5.69, and the company reported a quarterly loss of $0.30 per share, missing estimates by $0.25.

Cetera Investment Advisers lifted its holdings in shares of Fermi Inc. (NASDAQ:FRMI - Free Report) by 3,262.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,201,098 shares of the company's stock after acquiring an additional 1,165,376 shares during the quarter. Cetera Investment Advisers owned about 0.19% of Fermi worth $7,014,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in FRMI. Leonteq Securities AG purchased a new position in Fermi in the 4th quarter valued at about $30,000. PNC Financial Services Group Inc. acquired a new stake in shares of Fermi during the fourth quarter valued at about $36,000. Aspect Partners LLC purchased a new position in Fermi in the fourth quarter valued at about $38,000. SBI Securities Co. Ltd. acquired a new stake in Fermi during the 4th quarter valued at approximately $41,000. Finally, MML Investors Services LLC purchased a new stake in Fermi during the 4th quarter worth approximately $81,000.

Insider Activity

In other news, Director James Richard Perry sold 863,637 shares of Fermi stock in a transaction that occurred 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 transaction, the director 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Mesut Uzman sold 79,509 shares of the business's stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $6.31, for a total transaction of $501,701.79. Following the completion of the sale, the insider owned 670,491 shares in the company, valued at $4,230,798.21. The trade was a 10.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 1,022,178 shares of company stock valued at $7,313,580.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. UBS Group lowered Fermi from a "buy" rating to a "neutral" rating and set a $6.00 price objective for the company. in a report on Tuesday, May 5th. Stifel Nicolaus decreased their target price on Fermi from $29.00 to $17.00 and set a "buy" rating for the company in a research report on Tuesday, June 23rd. Wall Street Zen downgraded Fermi from a "hold" rating to a "sell" rating in a report on Sunday, May 10th. Weiss Ratings reissued a "sell (d-)" rating on shares of Fermi in a research report on Thursday, July 2nd. Finally, Evercore lowered shares of Fermi from an "outperform" rating to an "in-line" rating and set a $11.00 target price for the company. in a research note on Friday, May 15th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $20.67.

Fermi Price Performance

Fermi stock opened at $5.69 on Friday. Fermi Inc. has a 12-month low of $4.47 and a 12-month high of $36.99. The stock has a market capitalization of $3.63 billion and a PE ratio of -4.99. The firm has a 50 day simple moving average of $7.19 and a 200-day simple moving average of $7.42.

Fermi (NASDAQ:FRMI - Get Free Report) last released its earnings results on Thursday, May 14th. The company reported ($0.30) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.25). On average, analysts forecast that Fermi Inc. will post -0.33 earnings per share for the current fiscal year.

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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