Fermi (NASDAQ:FRMI) Trading 7.6% Higher – Should You Buy?

Fermi Inc. (NASDAQ:FRMI) traded up 7.6% during mid-day trading on Wednesday . The company traded as high as $8.97 and last traded at $8.4750. 6,143,019 shares were traded during mid-day trading, a decline of 52% from the average session volume of 12,679,856 shares. The stock had previously closed at $7.88.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Cantor Fitzgerald assumed coverage on shares of Fermi in a research note on Thursday, April 9th. They issued an “overweight” rating and a $8.00 price objective for the company. Wall Street Zen cut shares of Fermi from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Evercore cut shares of 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. UBS Group cut shares of Fermi from a “buy” rating to a “neutral” rating and set a $6.00 target price for the company. in a research note on Tuesday, May 5th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Fermi in a research note on Monday, March 23rd. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $23.78.

Fermi Price Performance

The company’s 50-day simple moving average is $5.93 and its 200 day simple moving average is $8.21. The firm has a market cap of $5.68 billion and a P/E ratio of -7.81.

Fermi (NASDAQ:FRMI) last released its 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). Analysts anticipate that Fermi Inc. will post 0.4 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Charles Lynn Hamilton sold 398,140 shares of the business’s stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $4.58, for a total value of $1,823,481.20. Following the completion of the sale, the insider owned 5,525,910 shares in the company, valued at approximately $25,308,667.80. The trade was a 6.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Griffin Perry sold 9,000,000 shares of the business’s stock in a transaction dated Monday, March 30th. The shares were sold at an average price of $5.02, for a total transaction of $45,180,000.00. Following the completion of the sale, the insider owned 62,946,450 shares of the company’s stock, valued at approximately $315,991,179. This represents a 12.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 13,593,748 shares of company stock valued at $68,803,933 over the last 90 days.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. NewEdge Advisors LLC purchased a new stake in Fermi during the 1st quarter worth approximately $54,000. Concorde Asset Management LLC grew its position in Fermi by 154.9% during the 1st quarter. Concorde Asset Management LLC now owns 38,610 shares of the company’s stock worth $225,000 after purchasing an additional 23,460 shares during the last quarter. Royal Bank of Canada grew its position in Fermi by 95.7% during the 1st quarter. Royal Bank of Canada now owns 53,866 shares of the company’s stock worth $315,000 after purchasing an additional 26,341 shares during the last quarter. Engle Capital Management L.P. purchased a new stake in Fermi during the 1st quarter worth approximately $5,928,000. Finally, Evercore Wealth Management LLC grew its position in Fermi by 166.7% during the 1st quarter. Evercore Wealth Management LLC now owns 40,000 shares of the company’s stock worth $234,000 after purchasing an additional 25,000 shares during 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.