Fermi (NASDAQ:FRMI) Stock Jumps 15.3% – Here’s What Happened

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

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Cantor Fitzgerald dropped their price objective on shares of Fermi from $12.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, October 16th. Weiss Ratings downgraded Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, August 14th. Finally, Mizuho decreased their price target on Fermi from $27.00 to $11.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 28th. One research 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 assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $16.86.

Fermi Price Performance

The company has a market capitalization of $1.67 billion and a P/E ratio of -2.21. The business’s 50-day moving average price is $4.26 and its two-hundred day moving average price is $6.51.

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

Insider Activity

In other news, major shareholder Toby Neugebauer sold 420,749 shares of the firm’s stock in a transaction dated Tuesday, October 20th. The stock was sold at an average price of $3.04, for a total transaction of $1,279,076.96. Following the sale, the insider owned 91,188,910 shares of the company’s stock, valued at $277,214,286.40. This trade represents a 0.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 4,467,949 shares of company stock valued at $15,622,757 in the last ninety days. 2.83% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fermi

Several institutional investors have recently modified their holdings of FRMI. BlackRock Inc. bought a new stake in Fermi in the 2nd quarter valued at $38,499,000. BlueCrest Capital Management Ltd bought a new position in Fermi during the 2nd quarter worth about $33,276,000. Ratan Capital Management LP bought a new position in Fermi during the 2nd quarter worth about $19,774,000. Weiss Asset Management LP raised its stake in shares of Fermi by 431.6% in the 1st 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. Finally, Bank of America Corp DE acquired a new stake in shares of Fermi in the 2nd quarter valued at about $17,859,000.

About Fermi

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.