Fermi Inc. (NASDAQ:FRMI) Receives $22.44 Consensus Target Price from Brokerages

Fermi Inc. (NASDAQ:FRMI) has earned an average rating of “Moderate Buy” from the thirteen research firms that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $22.4444.

Several research firms recently issued reports on FRMI. UBS Group cut 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. Evercore downgraded Fermi from an “outperform” rating to an “in-line” rating and set a $11.00 price target for the company. in a research note on Friday, May 15th. Wall Street Zen lowered shares of Fermi from a “hold” rating to a “sell” rating in a report on Sunday, May 10th. Cantor Fitzgerald assumed coverage on shares of Fermi in a report on Thursday, April 9th. They issued an “overweight” rating and a $8.00 price target on the stock. Finally, Stifel Nicolaus reduced their target price on Fermi from $29.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday, June 23rd.

Insider Activity at Fermi

In other 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 transaction, the director directly owned 15,827,807 shares in the company, valued at approximately $115,701,269.17. This represents a 5.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mesut Uzman sold 79,509 shares of the 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 transaction, the insider owned 670,491 shares of the company’s stock, valued at $4,230,798.21. This represents a 10.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,022,178 shares of company stock valued at $7,313,580 in the last 90 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in FRMI. Weiss Asset Management LP lifted its stake 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 purchasing an additional 1,960,764 shares during the last quarter. Balyasny Asset Management L.P. bought a new position in Fermi during the fourth quarter valued at $16,549,000. M&G PLC purchased a new stake in shares of Fermi in the fourth quarter valued at $14,443,000. Renaissance Technologies LLC raised its stake in shares of Fermi by 311.3% in the first quarter. Renaissance Technologies LLC now owns 1,403,700 shares of the company’s stock valued at $8,198,000 after acquiring an additional 1,062,400 shares during the period. Finally, Nuveen LLC bought a new stake in shares of Fermi in the 4th quarter worth about $11,067,000.

Fermi Stock Performance

Shares of Fermi stock opened at $7.36 on Friday. Fermi has a fifty-two week low of $4.47 and a fifty-two week high of $36.99. The company has a market capitalization of $4.69 billion and a P/E ratio of -6.46. The company has a fifty day moving average of $6.94 and a 200 day moving average of $7.64.

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

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.