Analysts Set Fermi Inc. (NASDAQ:FRMI) Target Price at $20.67

Fermi Inc. (NASDAQ:FRMI) has been assigned an average rating of “Moderate Buy” from the thirteen brokerages that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $20.6667.

A number of analysts have recently weighed in on FRMI shares. Stifel Nicolaus dropped their price target on Fermi from $29.00 to $17.00 and set a “buy” rating on the stock in a research report on Tuesday, June 23rd. Evercore lowered 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. Weiss Ratings cut shares of Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, August 14th. Wall Street Zen lowered shares of Fermi from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Finally, UBS Group downgraded 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 Transactions at Fermi

In other Fermi news, Director James Richard Perry sold 863,637 shares of the business’s stock in a transaction dated 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 approximately $115,701,269.17. The trade was a 5.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mesut Uzman sold 79,509 shares of the business’s stock in a transaction that occurred 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 sale, the insider directly owned 670,491 shares in the company, valued at approximately $4,230,798.21. The trade was a 10.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 1,022,178 shares of company stock worth $7,313,580.

Hedge Funds Weigh In On Fermi

Several hedge funds have recently made changes to their positions in FRMI. BlackRock Inc. acquired a new stake in Fermi during the second quarter valued at approximately $38,499,000. Ratan Capital Management LP bought a new stake in shares of Fermi during the 2nd quarter worth $19,774,000. Balyasny Asset Management L.P. acquired a new stake in shares of Fermi during the fourth quarter worth $16,549,000. Weiss Asset Management LP lifted its holdings in shares of Fermi by 431.6% during the first quarter. Weiss Asset Management LP now owns 2,415,027 shares of the company’s stock valued at $14,104,000 after purchasing an additional 1,960,764 shares during the last quarter. Finally, Bank of America Corp DE acquired a new stake in Fermi during the 2nd quarter worth about $17,859,000.

Fermi Trading Down 8.3%

FRMI stock opened at $5.00 on Friday. The stock’s 50 day simple moving average is $6.84 and its 200 day simple moving average is $6.98. Fermi has a 12-month low of $4.47 and a 12-month high of $36.99. The firm has a market cap of $3.20 billion and a P/E ratio of -4.24.

Fermi (NASDAQ:FRMI) last issued its earnings results on Thursday, August 13th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. During the same quarter last year, the firm earned ($0.02) EPS. On average, research analysts forecast that Fermi will post -0.33 EPS for the current fiscal year.

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.