Analysts Set Fermi Inc. (NASDAQ:FRMI) PT at $20.67

Shares of Fermi Inc. (NASDAQ:FRMI) have been given an average rating of “Moderate Buy” by the thirteen ratings firms that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, seven have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $20.6667.

A number of brokerages have recently weighed in on FRMI. Stifel Nicolaus reduced their price objective on shares of Fermi from $29.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday, June 23rd. Wall Street Zen lowered shares of Fermi from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Mizuho dropped their target price on shares of Fermi from $27.00 to $11.00 and set an “outperform” rating on the stock in a report on Tuesday, July 28th. Evercore downgraded shares of Fermi from an “outperform” rating to an “in-line” rating and set a $11.00 target price on the stock. in a report on Friday, May 15th. Finally, UBS Group lowered shares of Fermi from a “buy” rating to a “neutral” rating and set a $6.00 target price for the company. in a research report on Tuesday, May 5th.

Fermi Stock Performance

Shares of FRMI stock opened at $6.01 on Friday. The stock’s 50 day simple moving average is $7.07 and its 200 day simple moving average is $7.02. Fermi has a twelve month low of $4.47 and a twelve month high of $36.99. The company has a market capitalization of $3.85 billion and a price-to-earnings ratio of -5.09.

Fermi (NASDAQ:FRMI) last announced its 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 period in the prior year, the firm posted ($0.02) EPS. On average, analysts forecast that Fermi will post -0.33 EPS for the current fiscal year.

Insider Transactions at Fermi

In related news, Director James Richard Perry sold 863,637 shares of the stock in a transaction that occurred 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 completion of the sale, the director owned 15,827,807 shares in the company, valued at $115,701,269.17. This represents a 5.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Mesut Uzman sold 79,509 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $6.31, for a total value of $501,701.79. Following the completion of the sale, the insider directly owned 670,491 shares in the company, valued at $4,230,798.21. This trade represents a 10.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,022,178 shares of company stock worth $7,313,580 over the last quarter.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in shares of Fermi in the second quarter worth $38,499,000. Alyeska Investment Group L.P. increased its position in shares of Fermi by 82.4% during the second quarter. Alyeska Investment Group L.P. now owns 2,886,836 shares of the company’s stock valued at $26,443,000 after purchasing an additional 1,303,979 shares during the period. Weiss Asset Management LP increased its holdings in Fermi by 431.6% in the 1st quarter. Weiss Asset Management LP now owns 2,415,027 shares of the company’s stock valued at $14,104,000 after buying an additional 1,960,764 shares during the period. Ratan Capital Management LP acquired a new position in Fermi in the second quarter worth about $19,774,000. Finally, Balyasny Asset Management L.P. acquired a new position in shares of Fermi in the 4th quarter worth approximately $16,549,000.

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.