425,000 Shares in Fermi Inc. $FRMI Bought by Philadelphia Financial Management of San Francisco LLC

Philadelphia Financial Management of San Francisco LLC purchased a new stake in Fermi Inc. (NASDAQ:FRMI) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 425,000 shares of the company’s stock, valued at approximately $3,893,000,000. Philadelphia Financial Management of San Francisco LLC owned approximately 0.07% of Fermi at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of FRMI. Bank of Nova Scotia acquired a new position in shares of Fermi during the 2nd quarter worth $7,771,000. Money Concepts Capital Corp purchased a new stake in Fermi during the first quarter worth about $1,147,000. Parsifal Capital Management LP purchased a new stake in Fermi during the second quarter worth about $9,160,000,000. Texas Capital Bank Wealth Management Services Inc acquired a new position in Fermi during the second quarter worth about $13,334,000. Finally, Two Seas Capital LP purchased a new position in Fermi in the second quarter valued at about $3,230,000.

Analyst Upgrades and Downgrades

FRMI has been the topic of a number of research reports. Wall Street Zen cut Fermi from a “hold” rating to a “sell” rating in a report on Sunday, May 10th. Evercore cut Fermi from an “outperform” rating to an “in-line” rating and set a $11.00 price objective for the company. in a report on Friday, May 15th. UBS Group lowered Fermi from a “buy” rating to a “neutral” rating and set a $6.00 target price on the stock. in a report on Tuesday, May 5th. Mizuho dropped their price target on Fermi from $27.00 to $11.00 and set an “outperform” rating for the company in a research report on Tuesday, July 28th. Finally, Weiss Ratings downgraded Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, August 14th. Two investment 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, Fermi presently has a consensus rating of “Moderate Buy” and an average price target of $20.67.

Fermi Price Performance

Shares of Fermi stock opened at $5.61 on Thursday. Fermi Inc. has a 1 year low of $4.47 and a 1 year high of $36.99. The business has a 50 day moving average price of $7.01 and a 200 day moving average price of $7.01. The company has a market capitalization of $3.59 billion and a P/E ratio of -4.75.

Fermi (NASDAQ:FRMI) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.02. During the same period in the previous year, the company posted ($0.02) EPS. As a group, research analysts expect that Fermi Inc. will post -0.33 EPS for the current fiscal year.

Insider Transactions at Fermi

In related news, Director James Richard Perry sold 863,637 shares of Fermi 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 completion of the sale, the director 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 document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mesut Uzman sold 79,509 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The shares were 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 of the company’s stock, valued at $4,230,798.21. The trade was a 10.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 1,022,178 shares of company stock valued at $7,313,580.

Fermi Company 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.