Fermi (NASDAQ:FRMI) Stock Price Up 6.1% – Here’s What Happened

Shares of Fermi Inc. (NASDAQ:FRMI) shot up 6.1% during trading on Friday . The company traded as high as $6.77 and last traded at $6.7050. Approximately 5,330,367 shares were traded during trading, a decline of 62% from the average session volume of 13,918,546 shares. The stock had previously closed at $6.32.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Wall Street Zen lowered Fermi from a “hold” rating to a “sell” rating in a research report on Sunday, May 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fermi in a research note on Thursday, July 2nd. UBS Group lowered shares of Fermi from a “buy” rating to a “neutral” rating and set a $6.00 price objective on the stock. in a report on Tuesday, May 5th. Evercore cut shares of Fermi from an “outperform” rating to an “in-line” rating and set a $11.00 target price on the stock. in a research report on Friday, May 15th. Finally, Cantor Fitzgerald initiated coverage on shares of Fermi in a research report on Thursday, April 9th. They set an “overweight” rating and a $8.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Fermi currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.44.

Fermi Trading Up 14.6%

The company has a market capitalization of $4.62 billion and a PE ratio of -6.36. The business has a fifty day moving average of $7.15 and a 200 day moving average of $7.51.

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

Insider Activity at Fermi

In other Fermi news, Director James Richard Perry sold 863,637 shares of the stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $7.31, for a total transaction of $6,313,186.47. Following the sale, the director directly owned 15,827,807 shares in the company, valued at $115,701,269.17. This represents a 5.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Mesut Uzman sold 79,509 shares of the stock in a transaction that occurred 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 approximately $4,230,798.21. This trade represents a 10.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 1,022,178 shares of company stock worth $7,313,580.

Institutional Trading of Fermi

Several hedge funds have recently modified their holdings of FRMI. Leonteq Securities AG purchased a new position in Fermi in the fourth quarter valued at $30,000. PNC Financial Services Group Inc. acquired a new stake in Fermi in the 4th quarter valued at about $36,000. Aspect Partners LLC acquired a new stake in Fermi in the 4th quarter valued at about $38,000. SBI Securities Co. Ltd. purchased a new position in shares of Fermi in the 4th quarter valued at about $41,000. Finally, NewEdge Advisors LLC acquired a new position in shares of Fermi during the first quarter worth about $54,000.

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.