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

Fermi Inc. (NASDAQ:FRMI) saw unusually large options trading activity on Wednesday. Stock traders bought 62,033 call options on the company. This represents an increase of 59% compared to the average daily volume of 38,911 call options.

Fermi Price Performance

NASDAQ FRMI traded up $1.32 on Wednesday, hitting $6.94. The company had a trading volume of 41,808,355 shares, compared to its average volume of 12,286,424. The company has a market capitalization of $4.42 billion and a PE ratio of -6.08. The company’s fifty day moving average price is $5.75 and its 200-day moving average price is $8.47. Fermi has a 12-month low of $4.47 and a 12-month high of $36.99.

Fermi (NASDAQ:FRMI) last released its earnings results on Thursday, May 14th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.25). On average, sell-side analysts anticipate that Fermi will post 0.4 EPS for the current year.

Analyst Ratings Changes

Several brokerages have commented on FRMI. Cantor Fitzgerald started coverage on shares of Fermi in a research note on Thursday, April 9th. They set an “overweight” rating and a $8.00 price objective for the company. Evercore cut 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 note on Friday, May 15th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Fermi in a research note on Monday, March 23rd. UBS Group cut shares of Fermi from a “buy” rating to a “neutral” rating and set a $6.00 target price for the company. in a research note on Tuesday, May 5th. Finally, Wall Street Zen lowered shares of Fermi from a “hold” rating to a “sell” rating in a report on Sunday, May 10th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $23.78.

Insider Buying and Selling

In other Fermi news, COO Blanes Jacobo Ortiz sold 427,363 shares of Fermi stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $4.58, for a total transaction of $1,957,322.54. Following the completion of the sale, the chief operating officer directly owned 5,469,092 shares in the company, valued at approximately $25,048,441.36. The trade was a 7.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Miles E. Everson sold 427,004 shares of Fermi stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $4.58, for a total transaction of $1,955,678.32. Following the sale, the chief financial officer owned 9,969,791 shares of the company’s stock, valued at approximately $45,661,642.78. The trade was a 4.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 13,593,748 shares of company stock worth $68,803,933 over the last ninety days.

Institutional Investors Weigh In On Fermi

A number of large investors have recently modified their holdings of the business. NewEdge Advisors LLC purchased a new stake in shares of Fermi during the first quarter worth $54,000. Concorde Asset Management LLC grew its holdings in shares of Fermi by 154.9% during the first quarter. Concorde Asset Management LLC now owns 38,610 shares of the company’s stock worth $225,000 after buying an additional 23,460 shares in the last quarter. Royal Bank of Canada grew its holdings in shares of Fermi by 95.7% in the first quarter. Royal Bank of Canada now owns 53,866 shares of the company’s stock valued at $315,000 after purchasing an additional 26,341 shares during the period. Engle Capital Management L.P. purchased a new stake in shares of Fermi in the first quarter valued at about $5,928,000. Finally, Evercore Wealth Management LLC grew its holdings in shares of Fermi by 166.7% in the first quarter. Evercore Wealth Management LLC now owns 40,000 shares of the company’s stock valued at $234,000 after purchasing an additional 25,000 shares during the period.

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.