Engineers Gate Manager LP Sells 474,675 Shares of Fermi Inc. $FRMI

Key Points

• Engineers Gate Manager LP cut its Fermi stake by 90% in the second quarter, selling 474,675 shares and retaining 52,554 shares valued at approximately $481,000. Other institutions made mixed moves, including Squarepoint Ops, which nearly doubled its holdings.
• Fermi director James Perry sold 863,637 shares for approximately $6.3 million, reducing his direct ownership by 5.17% but retaining more than 15.8 million shares.
• Fermi shares opened at $4.82, near their 52-week low of $4.47, after analysts cut price targets. Despite a consensus “Moderate Buy” rating and $20.67 target, the company remains unprofitable, with analysts expecting a full-year loss of $0.33 per share.

Engineers Gate Manager LP lessened its stake in shares of Fermi Inc. (NASDAQ:FRMI - Free Report) by 90.0% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 52,554 shares of the company's stock after selling 474,675 shares during the period. Engineers Gate Manager LP's holdings in Fermi were worth $481,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Concorde Asset Management LLC increased its stake in Fermi by 39.0% in the second quarter. Concorde Asset Management LLC now owns 53,650 shares of the company's stock valued at $491,000 after purchasing an additional 15,040 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in Fermi during the 2nd quarter worth approximately $41,000. NewEdge Advisors LLC boosted its holdings in Fermi by 22.5% in the second quarter. NewEdge Advisors LLC now owns 11,431 shares of the company's stock worth $105,000 after acquiring an additional 2,101 shares in the last quarter. Squarepoint Ops LLC grew its stake in Fermi by 95.8% in the second quarter. Squarepoint Ops LLC now owns 296,009 shares of the company's stock valued at $2,711,000 after acquiring an additional 144,800 shares during the period. Finally, Corient Private Wealth LP acquired a new stake in Fermi in the second quarter valued at approximately $233,000.

Insider Transactions at Fermi

In other Fermi news, Director James Perry sold 863,637 shares of the business's stock in a transaction on Tuesday, June 30th. The stock was 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 $115,701,269.17. The trade was a 5.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Stifel Nicolaus lowered their target price on Fermi from $29.00 to $17.00 and set a "buy" rating on the stock in a research report on Tuesday, June 23rd. Mizuho reduced their price target 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. Finally, Weiss Ratings lowered shares of Fermi from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Friday, August 14th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $20.67.

Fermi Price Performance

Shares of NASDAQ:FRMI opened at $4.82 on Thursday. Fermi Inc. has a 1 year low of $4.47 and a 1 year high of $36.99. The company has a market capitalization of $3.09 billion and a PE ratio of -4.08. The business has a fifty day moving average price of $5.79 and a two-hundred day moving average price of $6.37.

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

Fermi Company Profile

Fermi Inc is an energy and digital infrastructure company developing large-scale power-generation and data-center facilities to support energy-intensive computing, including artificial intelligence applications. Its business focuses on integrating electricity generation, transmission infrastructure and data-center capacity within dedicated campuses.

The company's primary development effort is the Fermi America project near Amarillo, Texas, also referred to as Project Matador. The planned campus is intended to use a diversified energy portfolio that may include natural gas, nuclear power, solar generation and battery storage, with the goal of providing reliable electricity for data centers and other high-demand technology users.

Fermi's operations are currently centered on the United States, particularly Texas.

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.