321,757 Shares in Fermi Inc. $FRMI Purchased by Legal & General Group Plc

Legal & General Group Plc acquired a new stake in shares of Fermi Inc. (NASDAQ:FRMI) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 321,757 shares of the company’s stock, valued at approximately $2,942,000. Legal & General Group Plc owned approximately 0.05% of Fermi at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Leonteq Securities AG bought a new stake in shares of Fermi during the fourth quarter valued at approximately $30,000. PNC Financial Services Group Inc. purchased a new stake in shares of Fermi in the fourth quarter valued at approximately $36,000. SBI Securities Co. Ltd. bought a new position in Fermi in the fourth quarter worth approximately $41,000. NewEdge Advisors LLC purchased a new position in Fermi during the 1st quarter worth $54,000. Finally, Resona Asset Management Co. Ltd. purchased a new position in Fermi during the 1st quarter worth $73,000.

Analysts Set New Price Targets

Several equities research analysts have weighed in on FRMI shares. Weiss Ratings cut Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, August 14th. Stifel Nicolaus cut their price target on Fermi from $29.00 to $17.00 and set a “buy” rating on the stock in a research note on Tuesday, June 23rd. Wall Street Zen downgraded Fermi from a “hold” rating to a “sell” rating in a report on Sunday, May 10th. Mizuho lowered their price objective on shares of Fermi from $27.00 to $11.00 and set an “outperform” rating for the company in a research note on Tuesday, July 28th. Finally, Evercore cut shares of Fermi from an “outperform” rating to an “in-line” rating and set a $11.00 target price on the stock. in a report on Friday, May 15th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $20.67.

Fermi Price Performance

Shares of NASDAQ:FRMI opened at $5.12 on Friday. The business’s 50-day moving average is $6.45 and its 200 day moving average is $6.82. Fermi Inc. has a 1 year low of $4.47 and a 1 year high of $36.99. The firm has a market capitalization of $3.28 billion and a P/E ratio of -4.34.

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

Insiders Place Their Bets

In other Fermi news, Director James Perry sold 863,637 shares of the business’s stock in a transaction that occurred on 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 sale, the director owned 15,827,807 shares of the company’s stock, valued at approximately $115,701,269.17. The trade was a 5.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

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.