Fermi Target of Unusually High Options Trading (NASDAQ:FRMI)

Fermi Inc. (NASDAQ:FRMI) was the target of some unusual options trading on Friday. Stock traders purchased 191,233 call options on the stock. This is an increase of approximately 258% compared to the typical volume of 53,483 call options.

Wall Street Analyst Weigh In

Several research analysts have weighed in on FRMI shares. Cantor Fitzgerald started coverage on Fermi in a research note on Thursday, April 9th. They issued an “overweight” rating and a $8.00 price target for the company. Evercore downgraded shares of Fermi from an “outperform” rating to an “in-line” rating and set a $11.00 price target on the stock. in a report on Friday, May 15th. Stifel Nicolaus cut their price objective on Fermi from $29.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, June 23rd. Weiss Ratings restated a “sell (d-)” rating on shares of Fermi in a report on Thursday, July 2nd. 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 report on Tuesday, May 5th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $22.44.

Insider Activity

In related news, Director James Richard Perry sold 863,637 shares of the company’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $7.31, for a total value of $6,313,186.47. Following the completion of the transaction, the director owned 15,827,807 shares of the company’s stock, valued at approximately $115,701,269.17. This represents a 5.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Mesut Uzman sold 79,509 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $6.31, for a total value of $501,701.79. Following the completion of the sale, the insider owned 670,491 shares of the company’s stock, valued at $4,230,798.21. The trade was a 10.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 1,022,178 shares of company stock worth $7,313,580 in the last ninety days.

Institutional Investors Weigh In On Fermi

Hedge funds and other institutional investors have recently modified their holdings of the business. Balyasny Asset Management L.P. purchased a new position in Fermi during the 4th quarter valued at $16,549,000. Weiss Asset Management LP grew its position 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 acquiring an additional 1,960,764 shares during the last quarter. M&G PLC purchased a new stake in Fermi in the fourth quarter worth $14,443,000. Nuveen LLC purchased a new stake in Fermi in the fourth quarter worth $11,067,000. Finally, Millennium Management LLC bought a new stake in shares of Fermi during the fourth quarter worth $10,871,000.

Fermi Stock Performance

NASDAQ FRMI opened at $7.40 on Friday. The business’s 50 day moving average price is $7.17 and its 200-day moving average price is $7.51. Fermi has a fifty-two week low of $4.47 and a fifty-two week high of $36.99. The company has a market cap of $4.72 billion and a P/E ratio of -6.49.

Fermi (NASDAQ:FRMI) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.25). As a group, equities analysts predict 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.