Fermi (NASDAQ:FRMI) Stock Price Up 9.9% – Here’s What Happened

Fermi Inc. (NASDAQ:FRMI)’s share price shot up 9.9% during mid-day trading on Wednesday . The stock traded as high as $5.69 and last traded at $5.8010. 3,734,100 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 8,697,531 shares. The stock had previously closed at $5.28.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Citizens Jmp assumed coverage on Fermi in a report on Monday, February 9th. They issued a “market outperform” rating and a $30.00 price target on the stock. Citigroup assumed coverage on Fermi in a report on Monday, February 9th. They issued an “outperform” rating on the stock. Texas Capital upgraded Fermi to a “strong-buy” rating in a report on Tuesday, January 20th. Cantor Fitzgerald assumed coverage on Fermi in a report on Thursday, April 9th. They issued an “overweight” rating and a $8.00 price target on the stock. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Fermi in a report on Monday, March 23rd. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $26.89.

Fermi Stock Up 9.8%

The firm has a market cap of $3.65 billion and a P/E ratio of -6.91. The business’s 50 day moving average price is $7.81.

Insider Buying and Selling at Fermi

In related news, insider Charles Lynn Hamilton sold 398,140 shares of Fermi stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $4.58, for a total value of $1,823,481.20. Following the completion of the transaction, the insider owned 5,525,910 shares in the company, valued at $25,308,667.80. The trade was a 6.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Blanes Jacobo Ortiz sold 427,363 shares of Fermi stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $4.58, for a total transaction of $1,957,322.54. Following the completion of the sale, the chief operating officer directly owned 5,469,092 shares in the company, valued at $25,048,441.36. This represents a 7.25% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 13,435,207 shares of company stock worth $67,803,539.

Hedge Funds Weigh In On Fermi

Institutional investors and hedge funds have recently bought and sold shares of the business. Leonteq Securities AG purchased a new position in shares of Fermi during the 4th quarter worth $30,000. Axxcess Wealth Management LLC purchased a new stake in Fermi during the 4th quarter worth approximately $604,000. ANTIPODES PARTNERS Ltd acquired a new position in shares of Fermi in the fourth quarter worth $465,000. Empire Life Investments Inc. acquired a new position in Fermi during the 4th quarter worth $5,611,000. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Fermi during the fourth quarter worth about $41,000.

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.