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

Fermi Inc. (NASDAQ:FRMI) has earned an average recommendation of “Moderate Buy” from the thirteen analysts that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and two have issued a strong buy rating on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $20.6667.

A number of research firms recently commented on FRMI. Weiss Ratings restated a “sell (d-)” rating on shares of Fermi in a report on Thursday, July 2nd. UBS Group downgraded Fermi from a “buy” rating to a “neutral” rating and set a $6.00 target price for the company. in a research note on Tuesday, May 5th. Evercore lowered shares of Fermi from an “outperform” rating to an “in-line” rating and set a $11.00 price objective for the company. in a research report on Friday, May 15th. Cantor Fitzgerald assumed coverage on Fermi in a research note on Thursday, April 9th. They issued an “overweight” rating and a $8.00 target price for the company. Finally, Wall Street Zen lowered shares of Fermi from a “hold” rating to a “sell” rating in a report on Sunday, May 10th.

Fermi Stock Performance

Shares of FRMI stock opened at $5.69 on Wednesday. Fermi has a 1-year low of $4.47 and a 1-year high of $36.99. The stock’s fifty day simple moving average is $7.19 and its 200-day simple moving average is $7.40. The company has a market capitalization of $3.63 billion and a price-to-earnings ratio of -4.99.

Fermi (NASDAQ:FRMI) last issued its earnings results on Thursday, May 14th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.25). On average, sell-side analysts predict that Fermi will post -0.33 EPS for the current year.

Insider Activity

In other Fermi news, insider Mesut Uzman sold 79,509 shares of the stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $6.31, for a total transaction of $501,701.79. Following the sale, the insider owned 670,491 shares of the company’s stock, valued at $4,230,798.21. This represents a 10.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James Richard Perry sold 863,637 shares of the firm’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 completion of the sale, the director owned 15,827,807 shares of the company’s stock, valued at $115,701,269.17. The trade was a 5.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,022,178 shares of company stock valued at $7,313,580 over the last three months.

Hedge Funds Weigh In On Fermi

A number of hedge funds and other institutional investors have recently made changes to their positions in FRMI. Handelsbanken Fonder AB acquired a new position in shares of Fermi in the 2nd quarter valued at approximately $511,000. Financial Management Professionals Inc. bought a new position in Fermi in the second quarter valued at $104,000. Byrne Asset Management LLC acquired a new stake in shares of Fermi in the second quarter valued at about $109,000. M.E. Allison & CO. Inc. acquired a new position in shares of Fermi during the 2nd quarter worth approximately $137,000. Finally, NewEdge Advisors LLC acquired a new position in Fermi during the first quarter worth $54,000.

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.