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

Fermi Inc. (NASDAQ:FRMI) was the recipient of some unusual options trading activity on Friday. Investors purchased 191,233 call options on the company. This is an increase of approximately 258% compared to the average volume of 53,483 call options.

Analyst Upgrades and Downgrades

A number of research firms recently commented on FRMI. UBS Group cut 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. Stifel Nicolaus reduced their price objective on shares of Fermi from $29.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday, June 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Fermi in a research note on Thursday, July 2nd. Cantor Fitzgerald began coverage on shares of Fermi in a report on Thursday, April 9th. They issued an “overweight” rating and a $8.00 price target on the stock. Finally, Evercore cut Fermi from an “outperform” rating to an “in-line” rating and set a $11.00 price objective on the stock. in a report on Friday, May 15th. 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’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $22.44.

Fermi Price Performance

Shares of NASDAQ FRMI opened at $7.40 on Friday. Fermi has a 1 year low of $4.47 and a 1 year high of $36.99. The company has a market cap of $4.72 billion and a P/E ratio of -6.49. The firm has a 50-day simple moving average of $7.17 and a two-hundred day simple moving average of $7.51.

Fermi (NASDAQ:FRMI) last posted its quarterly earnings data 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). As a group, equities research analysts expect that Fermi will post 0.34 EPS for the current year.

Insider Buying and Selling

In related news, insider Mesut Uzman sold 79,509 shares of the stock in a transaction that occurred 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 transaction, the insider owned 670,491 shares in the company, valued at $4,230,798.21. This represents a 10.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James Richard Perry sold 863,637 shares of the firm’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $7.31, for a total transaction of $6,313,186.47. Following the completion of the sale, the director owned 15,827,807 shares in the company, valued at $115,701,269.17. This represents a 5.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,022,178 shares of company stock valued at $7,313,580 over the last quarter.

Institutional Trading of Fermi

Several institutional investors and hedge funds have recently modified their holdings of FRMI. Leonteq Securities AG bought a new position in Fermi in the fourth quarter worth approximately $30,000. PNC Financial Services Group Inc. bought a new stake in Fermi during the 4th quarter valued at $36,000. Aspect Partners LLC bought a new stake in Fermi during the 4th quarter valued at $38,000. SBI Securities Co. Ltd. purchased a new stake in shares of Fermi in the 4th quarter worth $41,000. Finally, NewEdge Advisors LLC purchased a new stake in shares of Fermi in the 1st quarter worth $54,000.

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.