Fermi (NASDAQ:FRMI) Shares Climb 15.3% – Here’s What Happened

Shares of Fermi Inc. (NASDAQ:FRMI) were up 15.3% on Wednesday. The stock traded as high as $3.03 and last traded at $3.02. 21,089,670 shares changed hands during mid-day trading, an increase of 33% from the average session volume of 15,909,093 shares. The stock had previously closed at $2.62.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on FRMI shares. Mizuho reduced their price objective on Fermi from $27.00 to $11.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 28th. Weiss Ratings cut shares of Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, August 14th. Finally, Cantor Fitzgerald reduced their target price on shares of Fermi from $12.00 to $8.00 and set an “overweight” rating on the stock in a research report on Friday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Fermi has a consensus rating of “Moderate Buy” and an average price target of $16.86.

Fermi Stock Performance

The firm has a market cap of $1.94 billion and a P/E ratio of -2.56. The stock’s 50-day moving average is $4.44 and its 200 day moving average is $6.61.

Fermi (NASDAQ:FRMI) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. During the same quarter in the prior year, the business posted ($0.02) earnings per share. On average, research analysts anticipate that Fermi Inc. will post -0.33 EPS for the current year.

Insiders Place Their Bets

In other Fermi news, major shareholder Toby Neugebauer sold 2,750,000 shares of the stock in a transaction that occurred on Tuesday, October 13th. The shares were sold at an average price of $3.73, for a total transaction of $10,257,500.00. Following the transaction, the insider owned 91,609,659 shares in the company, valued at $341,704,028.07. This represents a 2.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last quarter, insiders have sold 4,467,949 shares of company stock valued at $15,622,757. 2.83% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fermi

Large investors have recently modified their holdings of the company. Choreo LLC increased its stake in Fermi by 45.0% during the 3rd quarter. Choreo LLC now owns 187,327 shares of the company’s stock valued at $789,000 after purchasing an additional 58,135 shares in the last quarter. Mad River Investors boosted its position in shares of Fermi by 2,828.5% in the third quarter. Mad River Investors now owns 483,200 shares of the company’s stock valued at $2,034,000 after acquiring an additional 466,700 shares during the period. Asset Management One Co. Ltd. raised its position in shares of Fermi by 850.1% in the third quarter. Asset Management One Co. Ltd. now owns 395,754 shares of the company’s stock worth $1,666,000 after buying an additional 354,100 shares in the last quarter. Holos Integrated Wealth LLC bought a new stake in Fermi during the third quarter valued at approximately $421,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd purchased a new stake in Fermi during the third quarter valued at about $370,000.

Fermi Company Profile

Fermi, Inc (NASDAQ: FRMI) is an energy and infrastructure company focused on developing large-scale power and data center facilities for artificial intelligence and other high-performance computing applications. Its business model centers on integrating electricity generation, energy storage and data center infrastructure within a single campus.

The company’s principal development is Project Matador, a planned energy and data center campus in the Texas Panhandle. The project is designed to use a mix of power sources, including nuclear energy, natural gas, solar generation and battery storage, with the goal of providing reliable electricity for data center customers.

Fermi’s activities are currently concentrated in the United States, particularly Texas.