Fermi (NASDAQ:FRMI) Shares Up 19.5% – Here’s What Happened

Fermi Inc. (NASDAQ:FRMI)’s stock price traded up 19.5% during mid-day trading on Wednesday . The stock traded as high as $6.46 and last traded at $6.7180. 8,951,978 shares changed hands during mid-day trading, a decline of 25% from the average session volume of 11,980,362 shares. The stock had previously closed at $5.62.

Wall Street Analyst Weigh In

FRMI has been the topic of a number of recent research reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Fermi in a research report on Monday, March 23rd. UBS Group cut Fermi from a “buy” rating to a “neutral” rating and set a $6.00 price target on the stock. in a research note on Tuesday, May 5th. Cantor Fitzgerald began coverage on Fermi in a report on Thursday, April 9th. They issued an “overweight” rating and a $8.00 price target for the company. Evercore lowered 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. Finally, Wall Street Zen downgraded Fermi from a “hold” rating to a “sell” rating in a report on Sunday, May 10th. Two investment 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.78.

Fermi Stock Performance

The company has a market cap of $4.43 billion and a P/E ratio of -6.10. The business has a fifty day simple moving average of $5.80 and a 200 day simple moving average of $8.36.

Fermi (NASDAQ:FRMI) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.25). Equities research analysts expect that Fermi Inc. will post 0.4 EPS for the current year.

Insider Activity at Fermi

In related news, insider Charles Lynn Hamilton sold 398,140 shares of the firm’s stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $4.58, for a total value of $1,823,481.20. Following the sale, the insider owned 5,525,910 shares of the company’s stock, valued at approximately $25,308,667.80. This trade represents a 6.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Miles E. Everson sold 427,004 shares of the business’s stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $4.58, for a total value of $1,955,678.32. Following the transaction, the chief financial officer owned 9,969,791 shares of the company’s stock, valued at $45,661,642.78. This represents a 4.11% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 13,593,748 shares of company stock valued at $68,803,933.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. NewEdge Advisors LLC bought a new position in Fermi in the 1st quarter worth about $54,000. Concorde Asset Management LLC raised its holdings in shares of Fermi by 154.9% during the first quarter. Concorde Asset Management LLC now owns 38,610 shares of the company’s stock valued at $225,000 after buying an additional 23,460 shares during the last quarter. Royal Bank of Canada raised its holdings in shares of Fermi by 95.7% during the first quarter. Royal Bank of Canada now owns 53,866 shares of the company’s stock valued at $315,000 after buying an additional 26,341 shares during the last quarter. Engle Capital Management L.P. acquired a new position in shares of Fermi during the first quarter worth approximately $5,928,000. Finally, Evercore Wealth Management LLC grew its holdings in Fermi by 166.7% in the 1st quarter. Evercore Wealth Management LLC now owns 40,000 shares of the company’s stock worth $234,000 after buying an additional 25,000 shares in the last quarter.

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.