Fermi (NASDAQ:FRMI) Shares Up 17.5% – What’s Next?

Fermi Inc. (NASDAQ:FRMI) shares shot up 17.5% on Wednesday. The stock traded as high as $1.95 and last traded at $1.81. Approximately 29,535,875 shares changed hands during trading, an increase of 80% from the average session volume of 16,424,781 shares. The stock had previously closed at $1.54.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on FRMI shares. Weiss Ratings lowered shares of Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, August 14th. Cantor Fitzgerald dropped their price target on shares of Fermi from $12.00 to $8.00 and set an “overweight” rating for the company in a research note on Friday, October 16th. Finally, Mizuho dropped their price target on shares of Fermi from $27.00 to $11.00 and set an “outperform” rating for the company in a research note on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $16.86.

Fermi Price Performance

The stock’s 50 day moving average is $3.74 and its two-hundred day moving average is $6.24. The stock has a market capitalization of $1.16 billion and a PE ratio of -1.53.

Fermi (NASDAQ:FRMI) last issued 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 posted ($0.02) earnings per share. On average, equities analysts predict that Fermi Inc. will post -0.33 earnings per share for the current year.

Insider Activity at Fermi

In other news, major shareholder Toby Neugebauer sold 5,000,000 shares of the firm’s stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $1.52, for a total value of $7,600,000.00. Following the sale, the insider directly owned 84,813,010 shares in the company, valued at approximately $128,915,775.20. This trade represents a 5.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders have sold 12,125,749 shares of company stock valued at $28,639,969. Corporate insiders own 2.83% of the company’s stock.

Hedge Funds Weigh In On Fermi

Large investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in Fermi in the second quarter valued at $38,499,000. BlueCrest Capital Management Ltd acquired a new position in shares of Fermi during the 2nd quarter worth about $33,276,000. Ratan Capital Management LP acquired a new position in shares of Fermi during the 2nd quarter worth about $19,774,000. Weiss Asset Management LP increased its holdings in shares of 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 acquiring an additional 1,960,764 shares during the last quarter. Finally, Bank of America Corp DE purchased a new position in shares of Fermi in the 2nd quarter valued at about $17,859,000.

About Fermi

Fermi Inc. develops energy and data-center infrastructure intended to support artificial intelligence and other high-performance computing needs. Its business centers on planning and building integrated campuses that pair large-scale power resources with data-center facilities. The company’s flagship development is Project Matador, a planned campus in the Texas Panhandle near Amarillo. The project is designed to combine data centers with a mix of power-generation and energy-storage resources; it remains a development project rather than an established portfolio of operating facilities.