Sequoia Financial Advisors LLC Makes New Investment in Fermi Inc. $FRMI

Key Points

• Sequoia Financial Advisors initiated a position of 201,456 Fermi shares worth approximately $1.85 million in the second quarter, while several other institutional investors also increased or opened stakes.
• Analysts maintain a generally positive outlook, with Fermi receiving a “Moderate Buy” consensus rating and an average price target of $20.67, although Mizuho and Stifel recently lowered their targets.
• Fermi shares opened at $5.05, near their 52-week low of $4.47 and sharply below the $36.99 high; the company reported a quarterly loss of $0.04 per share, beating estimates, while a director sold 863,637 shares.

Sequoia Financial Advisors LLC 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 Form 13F filing with the Securities & Exchange Commission. The firm bought 201,456 shares of the company's stock, valued at approximately $1,845,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Tidal Investments LLC lifted its position in Fermi by 348.2% during the second quarter. Tidal Investments LLC now owns 173,114 shares of the company's stock worth $1,586,000 after purchasing an additional 134,486 shares during the period. Whetstone Capital Advisors LLC bought a new position in Fermi in the 2nd quarter valued at about $12,009,000. BlueCrest Capital Management Ltd acquired a new position in shares of Fermi in the 2nd quarter valued at approximately $33,276,000. Concorde Asset Management LLC lifted its holdings in shares of Fermi by 39.0% during the 2nd quarter. Concorde Asset Management LLC now owns 53,650 shares of the company's stock worth $491,000 after acquiring an additional 15,040 shares during the period. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of Fermi during the 2nd quarter worth approximately $41,000.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on FRMI. Mizuho reduced their price objective on Fermi from $27.00 to $11.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 28th. Weiss Ratings cut shares of Fermi from a "sell (d-)" rating to a "sell (e+)" rating in a report on Friday, August 14th. Finally, Stifel Nicolaus decreased their price target 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. 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 given a Sell rating to the company. Based on data from MarketBeat.com, Fermi has an average rating of "Moderate Buy" and an average price target of $20.67.

Fermi Stock Down 8.2%

Shares of FRMI stock opened at $5.05 on Tuesday. The firm has a 50 day moving average of $6.06 and a 200-day moving average of $6.62. The company has a market cap of $3.23 billion and a price-to-earnings ratio of -4.28. Fermi Inc. has a 52 week low of $4.47 and a 52 week high of $36.99.

Fermi (NASDAQ:FRMI - Get Free Report) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.02. During the same quarter last year, the company posted ($0.02) earnings per share. Analysts anticipate that Fermi Inc. will post -0.33 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director James Perry sold 863,637 shares of the business's stock in a transaction 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 sale, the director directly owned 15,827,807 shares in the company, valued at approximately $115,701,269.17. The trade was a 5.17% decrease in their position. The transaction 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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