SIR Capital Management L.P. Buys New Stake in Fermi Inc. $FRMI

SIR Capital Management L.P. bought a new stake in Fermi Inc. (NASDAQ:FRMI) during the fourth quarter, Holdings Channel.com reports. The fund bought 281,827 shares of the company’s stock, valued at approximately $2,255,000.

A number of other hedge funds have also recently modified their holdings of the stock. Leonteq Securities AG purchased a new position in shares of Fermi in the 4th quarter valued at $30,000. PNC Financial Services Group Inc. purchased a new position in Fermi during the 4th quarter worth $36,000. Aspect Partners LLC purchased a new position in Fermi during the 4th quarter worth $38,000. SBI Securities Co. Ltd. purchased a new position in Fermi during the 4th quarter worth $41,000. Finally, Prime Capital Investment Advisors LLC purchased a new position in Fermi during the 4th quarter worth $84,000.

Insider Buying and Selling

In other news, major shareholder Griffin Perry sold 2,000,000 shares of the firm’s stock in a transaction on Tuesday, March 31st. The shares were sold at an average price of $5.54, for a total value of $11,080,000.00. Following the completion of the sale, the insider owned 60,946,450 shares in the company, valued at approximately $337,643,333. This trade represents a 3.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Blanes Jacobo Ortiz sold 427,363 shares of the firm’s stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $4.58, for a total transaction of $1,957,322.54. Following the completion of the sale, the chief operating officer owned 5,469,092 shares of the company’s stock, valued at $25,048,441.36. This trade represents a 7.25% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 13,593,748 shares of company stock worth $68,803,933.

Wall Street Analyst Weigh In

FRMI has been the topic of several research reports. Evercore downgraded 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 report on Friday, May 15th. Cantor Fitzgerald initiated coverage on shares of Fermi in a research report on Thursday, April 9th. They set an “overweight” rating and a $8.00 price objective on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Fermi in a research report on Monday, March 23rd. UBS Group downgraded shares of Fermi from a “buy” rating to a “neutral” rating and set a $6.00 price objective on the stock. in a research report on Tuesday, May 5th. Finally, Wall Street Zen downgraded shares of Fermi from a “hold” rating to a “sell” rating in a research report on Sunday, May 10th. Two equities research 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 issued a Sell rating to the company. According to data from MarketBeat, Fermi currently has a consensus rating of “Moderate Buy” and an average price target of $23.78.

Fermi Stock Performance

FRMI stock opened at $7.14 on Friday. Fermi Inc. has a one year low of $4.47 and a one year high of $36.99. The stock has a market capitalization of $4.55 billion and a PE ratio of -6.26. The company has a fifty day moving average of $5.83 and a 200-day moving average of $8.35.

Fermi (NASDAQ:FRMI) last released its earnings results on Thursday, May 14th. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.25). Equities analysts forecast that Fermi Inc. will post 0.4 earnings per share for the current fiscal year.

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.