Legal & General Group Plc Makes New Investment in Fermi Inc. $FRMI

Legal & General Group Plc acquired a new stake in Fermi Inc. (NASDAQ:FRMI) during the second quarter, Holdings Channel reports. The institutional investor acquired 321,757 shares of the company’s stock, valued at approximately $2,942,000.

Several other institutional investors have also recently modified their holdings of the company. Leonteq Securities AG acquired a new stake in shares of Fermi during the fourth quarter worth about $30,000. PNC Financial Services Group Inc. acquired a new position in Fermi in the 4th quarter worth approximately $36,000. SBI Securities Co. Ltd. acquired a new position in Fermi in the 4th quarter worth approximately $41,000. NewEdge Advisors LLC purchased a new position in Fermi during the 1st quarter worth approximately $54,000. Finally, Resona Asset Management Co. Ltd. purchased a new position in Fermi during the 1st quarter worth approximately $73,000.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Weiss Ratings downgraded shares of 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 target price for the company. in a report on Friday, May 15th. Mizuho decreased their target price on shares of Fermi from $27.00 to $11.00 and set an “outperform” rating for the company in a research report on Tuesday, July 28th. Wall Street Zen lowered shares of Fermi from a “hold” rating to a “sell” rating in a report on Sunday, May 10th. Finally, Stifel Nicolaus cut their price target on Fermi from $29.00 to $17.00 and set a “buy” rating on the stock in a research report on Tuesday, June 23rd. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $20.67.

Insiders Place Their Bets

In other Fermi news, Director James Perry sold 863,637 shares of the company’s stock in a transaction dated 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 completion of the transaction, the director owned 15,827,807 shares in the company, valued at approximately $115,701,269.17. This represents a 5.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Fermi Price Performance

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

Fermi (NASDAQ:FRMI) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. During the same quarter in the previous year, the company earned ($0.02) EPS. On average, sell-side analysts anticipate 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.