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

Fermi Inc. (NASDAQ:FRMI) has received an average rating of “Moderate Buy” from the thirteen research firms that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, seven have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $20.6667.

FRMI has been the subject of a number of recent research reports. Stifel Nicolaus dropped 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 cut shares of Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, August 14th. Finally, Mizuho dropped their price target on shares of Fermi from $27.00 to $11.00 and set an “outperform” rating for the company in a research report on Tuesday, July 28th.

Fermi Stock Down 6.2%

Shares of NASDAQ FRMI opened at $4.82 on Thursday. Fermi has a 12 month low of $4.47 and a 12 month high of $36.99. The company has a market cap of $3.09 billion and a P/E ratio of -4.08. The business’s 50 day moving average is $5.79 and its two-hundred day moving average is $6.37.

Fermi (NASDAQ:FRMI) last released its earnings results on Thursday, August 13th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.02. During the same quarter in the prior year, the firm posted ($0.02) earnings per share. Sell-side analysts expect that Fermi will post -0.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Fermi

In other news, Director James Perry sold 863,637 shares of the stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $7.31, for a total value of $6,313,186.47. Following the completion of the transaction, the director directly owned 15,827,807 shares of the company’s stock, valued at approximately $115,701,269.17. This represents a 5.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Institutional Trading of Fermi

Institutional investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in Fermi during the second quarter worth $38,499,000. BlueCrest Capital Management Ltd acquired a new stake in shares of Fermi in the 2nd quarter valued at $33,276,000. Alyeska Investment Group L.P. boosted its stake in shares of Fermi by 82.4% in the 2nd quarter. Alyeska Investment Group L.P. now owns 2,886,836 shares of the company’s stock valued at $26,443,000 after purchasing an additional 1,303,979 shares in the last quarter. Weiss Asset Management LP grew its holdings in shares of Fermi by 431.6% in the 1st quarter. Weiss Asset Management LP now owns 2,415,027 shares of the company’s stock worth $14,104,000 after purchasing an additional 1,960,764 shares during the last quarter. Finally, Ratan Capital Management LP bought a new stake in shares of Fermi in the 2nd quarter worth about $19,774,000.

Fermi Company Profile

Fermi Inc is an energy and digital infrastructure company developing large-scale power-generation and data-center facilities to support energy-intensive computing, including artificial intelligence applications. Its business focuses on integrating electricity generation, transmission infrastructure and data-center capacity within dedicated campuses.

The company’s primary development effort is the Fermi America project near Amarillo, Texas, also referred to as Project Matador. The planned campus is intended to use a diversified energy portfolio that may include natural gas, nuclear power, solar generation and battery storage, with the goal of providing reliable electricity for data centers and other high-demand technology users.

Fermi’s operations are currently centered on the United States, particularly Texas.