Mesut Uzman Sells 79,509 Shares of Fermi (NASDAQ:FRMI) Stock

Fermi Inc. (NASDAQ:FRMI) insider Mesut Uzman sold 79,509 shares of the company’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $6.31, for a total value of $501,701.79. Following the sale, the insider owned 670,491 shares of the company’s stock, valued at approximately $4,230,798.21. This trade represents a 10.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Mesut Uzman also recently made the following trade(s):

• On Wednesday, June 3rd, Mesut Uzman sold 79,032 shares of Fermi stock. The shares were sold at an average price of $6.31, for a total value of $498,691.92.

Fermi Stock Up 1.5%

FRMI traded up $0.09 during midday trading on Thursday, reaching $6.18. The company had a trading volume of 8,322,487 shares, compared to its average volume of 15,607,053. The business has a 50-day moving average of $5.78 and a two-hundred day moving average of $8.73. The company has a market cap of $3.94 billion and a P/E ratio of -5.42. Fermi Inc. has a 1 year low of $4.47 and a 1 year high of $36.99.

Fermi (NASDAQ:FRMI) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.25). On average, equities research analysts predict that Fermi Inc. will post 0.4 EPS for the current year.

Hedge Funds Weigh In On Fermi

A number of hedge funds have recently made changes to their positions in FRMI. Balyasny Asset Management L.P. bought a new position in shares of Fermi in the fourth quarter worth about $16,549,000. Weiss Asset Management LP raised its position in Fermi by 431.6% during the first quarter. Weiss Asset Management LP now owns 2,415,027 shares of the company’s stock valued at $14,104,000 after purchasing an additional 1,960,764 shares during the period. M&G PLC purchased a new stake in Fermi during the fourth quarter valued at approximately $14,443,000. Nuveen LLC purchased a new stake in Fermi during the fourth quarter valued at approximately $11,067,000. Finally, Millennium Management LLC purchased a new stake in Fermi during the fourth quarter valued at approximately $10,871,000.

Analysts Set New Price Targets

FRMI has been the subject of a number of analyst reports. Wall Street Zen cut Fermi from a “hold” rating to a “sell” rating in a research report on Sunday, May 10th. Citigroup initiated coverage on Fermi in a research report on Monday, February 9th. They issued an “outperform” rating for the company. UBS Group cut Fermi from a “buy” rating to a “neutral” rating and set a $6.00 price target for the company. in a research report on Tuesday, May 5th. Cantor Fitzgerald initiated coverage on Fermi in a research report on Thursday, April 9th. They issued an “overweight” rating and a $8.00 price target for the company. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Fermi in a research report on Monday, March 23rd. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $23.78.

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.