Fermi (NASDAQ:FRMI) Shares Up 6% – Here’s What Happened

Fermi Inc. (NASDAQ:FRMI)’s share price rose 6% on Thursday . The stock traded as high as $6.07 and last traded at $6.2140. Approximately 2,307,520 shares traded hands during trading, a decline of 78% from the average daily volume of 10,616,102 shares. The stock had previously closed at $5.86.

Analyst Ratings Changes

FRMI has been the topic of several research analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Fermi in a research note on Monday, March 23rd. Citigroup began coverage on Fermi in a research note on Monday, February 9th. They set an “outperform” rating on the stock. Citizens Jmp initiated coverage on Fermi in a report on Monday, February 9th. They issued a “market outperform” rating and a $30.00 price objective for the company. Cantor Fitzgerald initiated coverage on Fermi in a research note on Thursday, April 9th. They issued an “overweight” rating and a $8.00 target price on the stock. Finally, UBS Group lowered their target price on Fermi from $30.00 to $8.00 and set a “buy” rating on the stock in a research note on Wednesday, April 1st. Three research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $26.89.

Fermi Stock Up 1.2%

The stock has a market cap of $3.73 billion and a PE ratio of -7.06. The business has a 50 day moving average price of $7.49 and a 200 day moving average price of $12.81.

Insider Buying and Selling

In related news, insider Charles Lynn Hamilton sold 398,140 shares of the company’s 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 of the company’s stock, valued at approximately $25,308,667.80. This represents a 6.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Blanes Jacobo Ortiz sold 427,363 shares of the company’s stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $4.58, for a total value of $1,957,322.54. Following the completion of the transaction, the chief operating officer directly owned 5,469,092 shares of the company’s stock, valued at $25,048,441.36. The trade was a 7.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 13,435,207 shares of company stock worth $67,803,539 over the last ninety days.

Hedge Funds Weigh In On Fermi

A number of large investors have recently bought and sold shares of FRMI. Leonteq Securities AG acquired a new position in Fermi in the 4th quarter worth about $30,000. PNC Financial Services Group Inc. acquired a new position in Fermi in the 4th quarter worth about $36,000. Aspect Partners LLC acquired a new position in Fermi in the 4th quarter worth about $38,000. SBI Securities Co. Ltd. acquired a new position in Fermi in the 4th quarter worth about $41,000. Finally, MML Investors Services LLC acquired a new position in Fermi in the 4th quarter worth about $81,000.

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.