The Manufacturers Life Insurance Company Reduces Stock Position in Fermi Inc. $FRMI

The Manufacturers Life Insurance Company lessened its holdings in Fermi Inc. (NASDAQ:FRMI) by 81.7% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 83,805 shares of the company’s stock after selling 374,995 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Fermi were worth $489,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Balyasny Asset Management L.P. bought a new stake in shares of Fermi during the fourth quarter worth $16,549,000. Weiss Asset Management LP grew its holdings in shares of Fermi by 431.6% in the first quarter. Weiss Asset Management LP now owns 2,415,027 shares of the company’s stock worth $14,104,000 after purchasing an additional 1,960,764 shares during the last quarter. M&G PLC purchased a new position in Fermi in the 4th quarter worth about $14,443,000. Nuveen LLC purchased a new position in Fermi in the 4th quarter worth about $11,067,000. Finally, Millennium Management LLC bought a new stake in Fermi during the 4th quarter valued at about $10,871,000.

Analyst Ratings Changes

FRMI has been the subject of several research reports. Mizuho lowered their price objective on shares of Fermi from $27.00 to $11.00 and set an “outperform” rating for the company in a research report on Tuesday, July 28th. Stifel Nicolaus reduced their target price 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. UBS Group downgraded shares of Fermi from a “buy” rating to a “neutral” rating and set a $6.00 price target for the company. in a research note on Tuesday, May 5th. Wall Street Zen lowered Fermi from a “hold” rating to a “sell” rating in a report on Sunday, May 10th. Finally, Evercore lowered Fermi from an “outperform” rating to an “in-line” rating and set a $11.00 price target for the company. in a report on Friday, May 15th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $20.67.

Fermi Stock Down 3.0%

Shares of FRMI stock opened at $6.40 on Friday. The firm has a market cap of $4.08 billion and a price-to-earnings ratio of -5.61. Fermi Inc. has a 52-week low of $4.47 and a 52-week high of $36.99. The company’s 50 day moving average is $7.20 and its 200 day moving average is $7.19.

Fermi (NASDAQ:FRMI) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. Analysts anticipate that Fermi Inc. will post -0.33 EPS for the current fiscal year.

Insider Transactions at Fermi

In other news, Director James Richard Perry sold 863,637 shares of the firm’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $7.31, for a total value of $6,313,186.47. Following the sale, the director directly owned 15,827,807 shares in the company, valued at approximately $115,701,269.17. This trade represents a 5.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mesut Uzman sold 79,509 shares of Fermi stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $6.31, for a total transaction of $501,701.79. Following the completion of the transaction, the insider directly owned 670,491 shares in the company, valued at approximately $4,230,798.21. The trade was a 10.60% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,022,178 shares of company stock valued at $7,313,580 over the last quarter.

More Fermi News

Here are the key news stories impacting Fermi this week:

• Positive Sentiment: First anchor customer secured: Fermi signed a lease and power agreement with AI-computing provider TensorWave for up to 650 megawatts. The deal gives Fermi a customer for its large Texas power project and improves the credibility of its AI-data-center strategy. Fermi outlines 640 MW by Q4 2027 as it signs up to 650 MW with TensorWave
• Positive Sentiment: Project moves toward construction: Hillcore will build a 2.6-gigawatt gas-fired power complex at Fermi’s Matador site in Amarillo, Texas, supporting a potential 11-gigawatt campus. Fermi said it expects to have 640 megawatts operational by the fourth quarter of 2027, providing a clearer development timetable. Hillcore construction announcement
• Positive Sentiment: 90-day objectives completed: Fermi announced a new CEO, a strategic alliance, premier contractors, delivery of three F-Series turbines and more than $431 million in capital raised. These milestones strengthen liquidity and demonstrate progress after a period of leadership instability. Fermi second-quarter results and objectives
• Neutral Sentiment: CEO transition: Fermi appointed a new chief executive more than three months after removing co-founder Toby Neugebauer. The change could improve execution and governance, although investors will likely watch for evidence of stability and delivery under the new leadership. Fermi names a new CEO
• Negative Sentiment: Losses continue: Fermi reported a second-quarter loss of $0.04 per share, better than the $0.06 consensus loss but wider than the year-earlier result. The company remains unprofitable, with analysts expecting approximately negative $0.33 EPS for the full year.
• Negative Sentiment: Execution and funding risks remain: Project Matador requires substantial construction, power-generation and customer ramp-up execution. Recent legal and C-suite turmoil, along with the stock’s sharp retreat from its 12-month high, may keep investors cautious despite the new customer and construction announcements.

Fermi 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.