Short Interest in Fermi Inc. (NASDAQ:FRMI) Rises By 72.8%

Fermi Inc. (NASDAQ:FRMI) was the target of a significant increase in short interest in the month of April. As of April 30th, there was short interest totaling 36,401,171 shares, an increase of 72.8% from the April 15th total of 21,068,673 shares. Based on an average daily volume of 24,516,622 shares, the days-to-cover ratio is presently 1.5 days. Approximately 5.7% of the company’s stock are sold short.

Insider Buying and Selling at Fermi

In other news, COO Blanes Jacobo Ortiz sold 427,363 shares of the firm’s stock in a transaction that occurred on Thursday, April 9th. The shares were 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 owned 5,469,092 shares of the company’s stock, valued at approximately $25,048,441.36. This trade represents a 7.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Miles E. Everson sold 427,004 shares of Fermi stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $4.58, for a total value of $1,955,678.32. Following the completion of the transaction, the chief financial officer owned 9,969,791 shares of the company’s stock, valued at approximately $45,661,642.78. This trade represents a 4.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 13,435,207 shares of company stock worth $67,803,539.

Hedge Funds Weigh In On Fermi

Several hedge funds have recently added to or reduced their stakes in FRMI. Engle Capital Management L.P. purchased a new stake in shares of Fermi during the first quarter worth about $5,928,000. Evercore Wealth Management LLC grew its holdings in shares of Fermi by 166.7% during the first quarter. Evercore Wealth Management LLC now owns 40,000 shares of the company’s stock worth $234,000 after buying an additional 25,000 shares in the last quarter. Quantinno Capital Management LP grew its holdings in shares of Fermi by 182.8% during the first quarter. Quantinno Capital Management LP now owns 106,941 shares of the company’s stock worth $625,000 after buying an additional 69,129 shares in the last quarter. SummitTX Capital L.P. purchased a new stake in shares of Fermi during the first quarter worth about $648,000. Finally, Weiss Asset Management LP grew 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 worth $14,104,000 after buying an additional 1,960,764 shares in the last quarter.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Texas Capital upgraded Fermi to a “strong-buy” rating in a report on Tuesday, January 20th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Fermi in a research note on Monday, March 23rd. Evercore downgraded shares of Fermi from an “outperform” rating to an “in-line” rating and set a $11.00 price target for the company. in a research note on Friday. UBS Group downgraded Fermi from a “buy” rating to a “neutral” rating and set a $6.00 price target for the company. in a report on Tuesday, May 5th. Finally, Cantor Fitzgerald assumed coverage on Fermi in a report on Thursday, April 9th. They set an “overweight” rating and a $8.00 price target for the company. Two 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. According to data from MarketBeat.com, Fermi currently has a consensus rating of “Moderate Buy” and an average price target of $23.78.

Fermi Price Performance

Shares of NASDAQ:FRMI traded down $0.17 during trading on Monday, hitting $6.35. 10,283,393 shares of the company were exchanged, compared to its average volume of 11,808,438. The stock has a market capitalization of $4.05 billion and a P/E ratio of -7.48. Fermi has a 12-month low of $4.47 and a 12-month high of $36.99. The firm’s 50 day moving average price is $6.22 and its 200-day moving average price is $10.56.

Fermi (NASDAQ:FRMI) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.25). As a group, equities research analysts anticipate that Fermi will post 0.4 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.