Fermi (NASDAQ:FRMI) Shares Up 6.1% – Still a Buy?

Shares of Fermi Inc. (NASDAQ:FRMI) traded up 6.1% during mid-day trading on Friday . The company traded as high as $6.24 and last traded at $6.2940. 8,282,182 shares were traded during mid-day trading, a decline of 41% from the average session volume of 13,950,954 shares. The stock had previously closed at $5.93.

Analyst Ratings Changes

A number of brokerages have commented on FRMI. Weiss Ratings reissued a “sell (d-)” rating on shares of Fermi in a research note on Thursday, July 2nd. Wall Street Zen cut Fermi from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Evercore lowered 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. Stifel Nicolaus decreased their price objective on shares of Fermi from $29.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, June 23rd. Finally, Cantor Fitzgerald initiated coverage on shares of Fermi in a report on Thursday, April 9th. They issued an “overweight” rating and a $8.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $22.44.

Fermi Price Performance

The company has a market cap of $3.97 billion and a price-to-earnings ratio of -5.46. The firm’s 50 day simple moving average is $7.10 and its 200-day simple moving average is $7.57.

Fermi (NASDAQ:FRMI) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.25). On average, analysts forecast that Fermi Inc. will post 0.34 EPS for the current year.

Insider Activity at Fermi

In other news, insider Mesut Uzman sold 79,509 shares of the firm’s stock in a transaction 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 sale, the insider owned 670,491 shares in the company, valued at $4,230,798.21. This trade represents a 10.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director James Richard Perry sold 863,637 shares of the company’s stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $7.31, for a total value of $6,313,186.47. Following the sale, the director owned 15,827,807 shares of the company’s stock, valued at approximately $115,701,269.17. The trade was a 5.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,022,178 shares of company stock worth $7,313,580 over the last quarter.

Hedge Funds Weigh In On Fermi

A number of hedge funds have recently made changes to their positions in the business. Leonteq Securities AG acquired a new stake in shares of Fermi in the fourth quarter valued at about $30,000. PNC Financial Services Group Inc. acquired a new stake in shares of Fermi in the fourth quarter valued at $36,000. Aspect Partners LLC bought a new position in Fermi during the fourth quarter valued at about $38,000. SBI Securities Co. Ltd. bought a new position in shares of Fermi during the 4th quarter valued at about $41,000. Finally, NewEdge Advisors LLC acquired a new position in shares of Fermi in the first quarter worth about $54,000.

Fermi Company Profile

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.