701,422 Shares in Fermi Inc. $FRMI Acquired by Empire Life Investments Inc.

Empire Life Investments Inc. purchased a new position in Fermi Inc. (NASDAQ:FRMI) during the 4th quarter, HoldingsChannel reports. The institutional investor purchased 701,422 shares of the company’s stock, valued at approximately $5,611,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC bought a new position in shares of Fermi in the 4th quarter worth $423,000. Capelight Capital Asset Management LP bought a new stake in Fermi during the 4th quarter valued at $292,000. Renaissance Capital LLC acquired a new position in Fermi during the fourth quarter worth $182,000. WJ Financial Advisors LLC bought a new position in shares of Fermi in the fourth quarter valued at $167,000. Finally, Pekin Hardy Strauss Inc. acquired a new position in shares of Fermi during the fourth quarter valued at about $158,000.

Insider Activity

In related news, CFO Miles E. Everson sold 427,004 shares of the stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $4.58, for a total transaction of $1,955,678.32. Following the completion of the sale, the chief financial officer directly 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Griffin Perry sold 9,000,000 shares of Fermi stock in a transaction on Monday, March 30th. The stock was sold at an average price of $5.02, for a total value of $45,180,000.00. Following the sale, the insider owned 62,946,450 shares in the company, valued at $315,991,179. This trade represents a 12.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 13,435,207 shares of company stock worth $67,803,539 in the last quarter.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Citigroup assumed coverage on shares of Fermi in a report on Monday, February 9th. They issued an “outperform” rating on the stock. Cantor Fitzgerald started coverage on Fermi in a report on Thursday, April 9th. They set an “overweight” rating and a $8.00 price objective for the company. Texas Capital raised Fermi to a “strong-buy” rating in a research note on Tuesday, January 20th. Citizens Jmp initiated coverage on Fermi in a report on Monday, February 9th. They issued a “market outperform” rating and a $30.00 target price on the stock. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Fermi in a research report on Monday, March 23rd. Three equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Fermi presently has a consensus rating of “Moderate Buy” and an average price target of $26.67.

Fermi Price Performance

FRMI opened at $5.47 on Wednesday. Fermi Inc. has a fifty-two week low of $4.47 and a fifty-two week high of $36.99. The firm has a market capitalization of $3.49 billion and a P/E ratio of -6.51. The company’s 50-day moving average is $6.39 and its 200 day moving average is $10.89.

Fermi 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.