James Richard Perry Sells 863,637 Shares of Fermi (NASDAQ:FRMI) Stock

Fermi Inc. (NASDAQ:FRMI) Director James Richard Perry sold 863,637 shares of the firm’s stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $7.31, for a total transaction of $6,313,186.47. Following the transaction, the director directly owned 15,827,807 shares of the company’s stock, valued at approximately $115,701,269.17. This represents a 5.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Fermi Stock Performance

Shares of Fermi stock traded down $0.46 during trading on Thursday, reaching $8.06. The company had a trading volume of 13,994,028 shares, compared to its average volume of 20,603,796. Fermi Inc. has a fifty-two week low of $4.47 and a fifty-two week high of $36.99. The firm’s fifty day moving average is $6.77 and its 200-day moving average is $7.68.

Fermi (NASDAQ:FRMI) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.25). Equities analysts forecast that Fermi Inc. will post 0.34 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fermi

Several hedge funds and other institutional investors have recently modified their holdings of FRMI. NewEdge Advisors LLC bought a new position in shares of Fermi during the first quarter worth about $54,000. Concorde Asset Management LLC lifted its position in Fermi by 154.9% in the 1st quarter. Concorde Asset Management LLC now owns 38,610 shares of the company’s stock valued at $225,000 after purchasing an additional 23,460 shares during the last quarter. Royal Bank of Canada boosted its stake in Fermi by 95.7% during the 1st quarter. Royal Bank of Canada now owns 53,866 shares of the company’s stock valued at $315,000 after purchasing an additional 26,341 shares during the period. Engle Capital Management L.P. acquired a new position in Fermi during the 1st quarter valued at about $5,928,000. Finally, Evercore Wealth Management LLC grew its position in Fermi by 166.7% in the 1st quarter. Evercore Wealth Management LLC now owns 40,000 shares of the company’s stock worth $234,000 after purchasing an additional 25,000 shares during the last quarter.

Analysts Set New Price Targets

Several analysts have weighed in on FRMI shares. Stifel Nicolaus lowered their target price on shares of Fermi from $29.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday, June 23rd. UBS Group downgraded shares of Fermi from a “buy” rating to a “neutral” rating and set a $6.00 price target on the stock. in a research report on Tuesday, May 5th. Wall Street Zen lowered shares of Fermi from a “hold” rating to a “sell” rating in a report on Sunday, May 10th. Evercore lowered shares of Fermi from an “outperform” rating to an “in-line” rating and set a $11.00 price objective on the stock. in a research note on Friday, May 15th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Fermi in a report on Monday, March 23rd. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Fermi currently has an average rating of “Moderate Buy” and an average target price of $22.44.

About Fermi

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.