Sequoia Financial Advisors LLC Takes $1.84 Million Position in Fermi Inc. $FRMI

Sequoia Financial Advisors LLC purchased a new position in Fermi Inc. (NASDAQ:FRMI) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 201,456 shares of the company’s stock, valued at approximately $1,845,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Leonteq Securities AG bought a new position in shares of Fermi during the fourth quarter valued at $30,000. Integrated Wealth Concepts LLC bought a new position in shares of Fermi in the 2nd quarter worth approximately $41,000. NewEdge Advisors LLC purchased a new position in shares of Fermi in the first quarter worth approximately $54,000. Financial Management Professionals Inc. purchased a new position in shares of Fermi in the second quarter worth approximately $104,000. Finally, Byrne Asset Management LLC bought a new stake in Fermi during the second quarter valued at approximately $109,000.

Insider Transactions at Fermi

In other Fermi news, Director James Perry sold 863,637 shares of the business’s stock in a transaction dated 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 sale, the director owned 15,827,807 shares in the company, 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 can be accessed through the SEC website.

Fermi Price Performance

Fermi stock opened at $5.05 on Tuesday. The stock has a market cap of $3.23 billion and a P/E ratio of -4.28. Fermi Inc. has a 1 year low of $4.47 and a 1 year high of $36.99. The firm’s 50 day moving average price is $6.06 and its 200-day moving average price is $6.62.

Fermi (NASDAQ:FRMI) last released its quarterly earnings data on Thursday, August 13th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.02. During the same quarter in the prior year, the business posted ($0.02) EPS. As a group, equities analysts expect that Fermi Inc. will post -0.33 EPS for the current year.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Stifel Nicolaus decreased their price target on shares of Fermi from $29.00 to $17.00 and set a “buy” rating on the stock in a research report on Tuesday, June 23rd. Mizuho decreased their target price on Fermi from $27.00 to $11.00 and set an “outperform” rating on the stock in a report on Tuesday, July 28th. Finally, Weiss Ratings downgraded Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, August 14th. 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 given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.67.

About Fermi

Fermi Inc is an energy and digital infrastructure company developing large-scale power-generation and data-center facilities to support energy-intensive computing, including artificial intelligence applications. Its business focuses on integrating electricity generation, transmission infrastructure and data-center capacity within dedicated campuses.

The company’s primary development effort is the Fermi America project near Amarillo, Texas, also referred to as Project Matador. The planned campus is intended to use a diversified energy portfolio that may include natural gas, nuclear power, solar generation and battery storage, with the goal of providing reliable electricity for data centers and other high-demand technology users.

Fermi’s operations are currently centered on the United States, particularly Texas.