BlueCrest Capital Management Ltd Acquires New Position in Fermi Inc. $FRMI

Key Points

• BlueCrest Capital Management acquired 3.63 million Fermi shares worth approximately $33.3 million, giving it a 0.57% stake and making Fermi its 13th-largest holding. Several other major institutions, including BlackRock and Ratan Capital Management, also initiated positions.
• Fermi shares opened at $5.53, down 3.2%, and remain well below their 52-week high of $36.99. The company reported a quarterly loss of $0.04 per share, better than the $0.06 loss analysts expected.
• Analyst sentiment remains moderately bullish, with a consensus “Moderate Buy” rating and a $20.67 target price, although several firms recently reduced their targets. Director James Perry also sold 863,637 shares for approximately $6.3 million.

BlueCrest Capital Management Ltd acquired a new position in shares of Fermi Inc. (NASDAQ:FRMI - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 3,632,795 shares of the company's stock, valued at approximately $33,276,000. Fermi comprises 1.1% of BlueCrest Capital Management Ltd's investment portfolio, making the stock its 13th largest holding. BlueCrest Capital Management Ltd owned 0.57% of Fermi at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Fermi in the 2nd quarter valued at approximately $38,499,000. Ratan Capital Management LP purchased a new stake in shares of Fermi during the 2nd quarter valued at approximately $19,774,000. Balyasny Asset Management L.P. purchased a new stake in shares of Fermi during the 4th quarter valued at approximately $16,549,000. Weiss Asset Management LP lifted its holdings in Fermi by 431.6% in the first quarter. Weiss Asset Management LP now owns 2,415,027 shares of the company's stock valued at $14,104,000 after acquiring an additional 1,960,764 shares during the last quarter. Finally, Bank of America Corp DE purchased a new position in Fermi in the second quarter worth approximately $17,859,000.

Fermi Stock Down 3.2%

FRMI opened at $5.53 on Thursday. Fermi Inc. has a 52 week low of $4.47 and a 52 week high of $36.99. The business has a fifty day simple moving average of $6.23 and a 200-day simple moving average of $6.71. The firm has a market cap of $3.54 billion and a P/E ratio of -4.69.

Fermi (NASDAQ:FRMI - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.02. During the same period in the previous year, the company posted ($0.02) earnings per share. Sell-side analysts expect that Fermi Inc. will post -0.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on FRMI shares. Evercore cut Fermi from an "outperform" rating to an "in-line" rating and set a $11.00 target price for the company. in a research note on Friday, May 15th. Mizuho lowered their price target on Fermi from $27.00 to $11.00 and set an "outperform" rating for the company in a report on Tuesday, July 28th. Weiss Ratings downgraded Fermi from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Friday, August 14th. Finally, Stifel Nicolaus decreased 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. Two equities 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 stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $20.67.

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 shares were sold at an average price of $7.31, for a total transaction of $6,313,186.47. Following the sale, the director directly owned 15,827,807 shares in the company, valued at $115,701,269.17. This represents a 5.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

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.

Want to see what other hedge funds are holding FRMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fermi Inc. (NASDAQ:FRMI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.