Engle Capital Management L.P. Takes $5.93 Million Position in Fermi Inc. $FRMI

Key Points

• Engle Capital Management acquired 1.015 million Fermi shares worth approximately $5.93 million, representing about 2% of its portfolio and 0.16% of Fermi’s outstanding stock. Several other institutional investors also increased their positions during the first quarter.
• Fermi insiders sold more than 1.02 million shares worth approximately $7.31 million over the past 90 days, including significant sales by insider Mesut Uzman and director James Richard Perry.
• Fermi shares opened at $7.23, down 2.3%, after the company missed quarterly EPS estimates. Analyst views have weakened, although the stock retains a “Moderate Buy” consensus rating with an average price target of $22.44.

Engle Capital Management L.P. acquired a new stake in shares of Fermi Inc. (NASDAQ:FRMI - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,015,000 shares of the company's stock, valued at approximately $5,928,000. Fermi accounts for about 2.0% of Engle Capital Management L.P.'s investment portfolio, making the stock its 17th largest holding. Engle Capital Management L.P. owned about 0.16% of Fermi at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Evercore Wealth Management LLC grew its position in Fermi by 166.7% in the 1st quarter. Evercore Wealth Management LLC now owns 40,000 shares of the company's stock worth $234,000 after purchasing an additional 25,000 shares during the period. Quantinno Capital Management LP lifted its holdings in shares of Fermi by 182.8% during the 1st quarter. Quantinno Capital Management LP now owns 106,941 shares of the company's stock valued at $625,000 after buying an additional 69,129 shares during the period. SummitTX Capital L.P. bought a new position in shares of Fermi during the 1st quarter valued at $648,000. Weiss Asset Management LP boosted its stake in shares of Fermi by 431.6% in the 1st quarter. Weiss Asset Management LP now owns 2,415,027 shares of the company's stock worth $14,104,000 after buying an additional 1,960,764 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Fermi by 311.3% in the 1st quarter. Renaissance Technologies LLC now owns 1,403,700 shares of the company's stock worth $8,198,000 after buying an additional 1,062,400 shares during the last quarter.

Insider Activity at Fermi

In other Fermi news, insider Mesut Uzman sold 79,509 shares of Fermi stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $6.31, for a total transaction of $501,701.79. Following the transaction, the insider owned 670,491 shares of the company's stock, valued at $4,230,798.21. The trade was a 10.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James Richard Perry sold 863,637 shares of the company's stock in a transaction that occurred on 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 transaction, the director owned 15,827,807 shares of the company's stock, valued at approximately $115,701,269.17. The trade was a 5.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,022,178 shares of company stock worth $7,313,580 in the last ninety days.

Fermi Stock Down 2.3%

NASDAQ FRMI opened at $7.23 on Tuesday. Fermi Inc. has a 52 week low of $4.47 and a 52 week high of $36.99. The company has a market capitalization of $4.61 billion and a P/E ratio of -6.34. The stock's 50-day moving average price is $7.18 and its 200-day moving average price is $7.49.

Fermi (NASDAQ:FRMI - Get Free Report) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.25). Research analysts anticipate that Fermi Inc. will post 0.34 EPS for the current year.

Analyst Ratings Changes

A number of analysts recently commented on FRMI shares. Stifel Nicolaus reduced their price objective on Fermi from $29.00 to $17.00 and set a "buy" rating for the company in a research report on Tuesday, June 23rd. Wall Street Zen cut Fermi from a "hold" rating to a "sell" rating in a research report on Sunday, May 10th. Weiss Ratings restated a "sell (d-)" rating on shares of Fermi in a research note on Thursday, July 2nd. Evercore lowered shares of Fermi from an "outperform" rating to an "in-line" rating and set a $11.00 price target for the company. in a research report on Friday, May 15th. Finally, UBS Group cut shares of Fermi from a "buy" rating to a "neutral" rating and set a $6.00 price objective on the stock. in a research note on Tuesday, May 5th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.44.

About Fermi

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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