Alyeska Investment Group L.P. grew its stake in shares of Fermi Inc. (NASDAQ:FRMI - Free Report) by 82.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,886,836 shares of the company's stock after purchasing an additional 1,303,979 shares during the period. Alyeska Investment Group L.P. owned approximately 0.45% of Fermi worth $26,443,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in the company. Leonteq Securities AG bought a new stake in shares of Fermi during the fourth quarter valued at approximately $30,000. PNC Financial Services Group Inc. bought a new stake in Fermi during the 4th quarter valued at $36,000. SBI Securities Co. Ltd. acquired a new position in Fermi during the fourth quarter worth $41,000. NewEdge Advisors LLC acquired a new position in Fermi during the first quarter worth $54,000. Finally, MML Investors Services LLC bought a new position in shares of Fermi in the fourth quarter valued at $81,000.
Insiders Place Their Bets
In related news, insider Mesut Uzman sold 79,509 shares of the 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 owned 670,491 shares in the company, valued at approximately $4,230,798.21. This represents a 10.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Richard Perry sold 863,637 shares of the firm'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 of the company's stock, valued at $115,701,269.17. This trade represents a 5.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,022,178 shares of company stock worth $7,313,580 over the last quarter.
Wall Street Analysts Forecast Growth
FRMI has been the topic of several recent research reports. Stifel Nicolaus dropped 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. Wall Street Zen lowered Fermi from a "hold" rating to a "sell" rating in a report on Sunday, May 10th. UBS Group downgraded Fermi from a "buy" rating to a "neutral" rating and set a $6.00 price objective for the company. in a research note on Tuesday, May 5th. Mizuho dropped 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 cut 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 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.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $20.67.
Check Out Our Latest Research Report on FRMI
Fermi Price Performance
Shares of NASDAQ FRMI opened at $5.00 on Monday. The company has a market capitalization of $3.20 billion and a PE ratio of -4.24. The stock's 50 day moving average price is $6.84 and its 200-day moving average price is $6.97. Fermi Inc. has a twelve month low of $4.47 and a twelve month high of $36.99.
Fermi (NASDAQ:FRMI - Get Free Report) last issued its quarterly earnings results 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 period in the previous year, the company earned ($0.02) EPS. As a group, research analysts expect that Fermi Inc. will post -0.33 EPS for the current fiscal year.
About Fermi
(
Free Report)
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.
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