Analysts Set Fermi Inc. (NASDAQ:FRMI) Target Price at $23.78

Fermi Inc. (NASDAQ:FRMI) has been assigned an average recommendation of “Moderate Buy” from the thirteen analysts that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and two have issued a strong buy rating on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $23.7778.

A number of research firms have commented on FRMI. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Fermi in a research report on Monday, March 23rd. Evercore downgraded shares of Fermi from an “outperform” rating to an “in-line” rating and set a $11.00 target price for the company. in a research report on Friday, May 15th. Cantor Fitzgerald initiated coverage on shares of Fermi in a research report on Thursday, April 9th. They issued an “overweight” rating and a $8.00 target price for the company. Wall Street Zen downgraded shares of Fermi from a “hold” rating to a “sell” rating in a research report on Sunday, May 10th. Finally, UBS Group downgraded shares of Fermi from a “buy” rating to a “neutral” rating and set a $6.00 price objective for the company. in a research report on Tuesday, May 5th.

Insider Activity

In other news, insider Mesut Uzman sold 79,509 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $6.31, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Griffin Perry sold 2,000,000 shares of the business’s stock in a transaction on Tuesday, March 31st. The shares were sold at an average price of $5.54, for a total transaction of $11,080,000.00. Following the sale, the insider directly owned 60,946,450 shares of the company’s stock, valued at approximately $337,643,333. The trade was a 3.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 13,593,748 shares of company stock worth $68,803,933.

Institutional Investors Weigh In On Fermi

A number of hedge funds have recently modified their holdings of FRMI. Balyasny Asset Management L.P. bought a new stake in shares of Fermi during the 4th quarter valued at $16,549,000. Weiss Asset Management LP grew its position in shares of Fermi by 431.6% during 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 period. M&G PLC bought a new stake in shares of Fermi during the 4th quarter valued at $14,443,000. Nuveen LLC bought a new stake in shares of Fermi during the 4th quarter valued at $11,067,000. Finally, Millennium Management LLC bought a new stake in shares of Fermi during the 4th quarter valued at $10,871,000.

Fermi Trading Up 4.8%

NASDAQ:FRMI opened at $7.48 on Tuesday. Fermi has a 12 month low of $4.47 and a 12 month high of $36.99. The company has a market cap of $4.77 billion and a PE ratio of -6.56. The company has a 50 day simple moving average of $5.88 and a two-hundred day simple moving average of $8.26.

Fermi (NASDAQ:FRMI) last posted its 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). Research analysts forecast that Fermi will post 0.4 earnings per share 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.