Parsifal Capital Management LP Takes Position in Fermi Inc. $FRMI

Parsifal Capital Management LP acquired a new stake in Fermi Inc. (NASDAQ:FRMI - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,000,000 shares of the company's stock, valued at approximately $9,160,000. Fermi makes up about 0.0% of Parsifal Capital Management LP's investment portfolio, making the stock its 15th largest position. Parsifal Capital Management LP owned 0.16% of Fermi at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Leonteq Securities AG acquired a new stake in Fermi during the 4th quarter valued at $30,000. PNC Financial Services Group Inc. acquired a new stake in shares of Fermi in the fourth quarter worth $36,000. SBI Securities Co. Ltd. bought a new stake in Fermi in the fourth quarter valued at $41,000. NewEdge Advisors LLC bought a new stake in shares of Fermi during the 1st quarter valued at $54,000. Finally, MML Investors Services LLC bought a new position in shares of Fermi during the 4th quarter worth approximately $81,000.

Wall Street Analyst Weigh In

A number of brokerages have commented on FRMI. Evercore cut shares of Fermi from an "outperform" rating to an "in-line" rating and set a $11.00 price target on the stock. in a research report on Friday, May 15th. UBS Group cut shares of Fermi from a "buy" rating to a "neutral" rating and set a $6.00 target price on the stock. in a research note on Tuesday, May 5th. Weiss Ratings downgraded shares of Fermi from a "sell (d-)" rating to a "sell (e+)" rating in a report on Friday, August 14th. Stifel Nicolaus reduced their target price on shares of Fermi from $29.00 to $17.00 and set a "buy" rating on the stock in a research note on Tuesday, June 23rd. Finally, Mizuho cut their target price on shares of Fermi from $27.00 to $11.00 and set an "outperform" rating on the stock in a report on Tuesday, July 28th. Two 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 issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $20.67.

Fermi Price Performance

FRMI stock traded down $0.44 during midday trading on Friday, reaching $5.01. 13,213,245 shares of the company were exchanged, compared to its average volume of 14,929,999. The business has a 50-day moving average price of $6.93 and a two-hundred day moving average price of $6.99. Fermi Inc. has a one year low of $4.47 and a one year high of $36.99. The firm has a market capitalization of $3.21 billion and a price-to-earnings ratio of -4.25.

Fermi (NASDAQ:FRMI - Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.04) EPS for the quarter, topping analysts' consensus estimates of ($0.06) by $0.02. During the same period in the prior year, the business earned ($0.02) EPS. As a group, analysts anticipate that Fermi Inc. will post -0.33 earnings per share for the current fiscal year.

Insider Activity at Fermi

In other Fermi news, Director James Richard Perry sold 863,637 shares of the 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 sale, the director directly owned 15,827,807 shares of the company's stock, valued at approximately $115,701,269.17. This trade represents a 5.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mesut Uzman sold 79,509 shares of the firm's stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $6.31, for a total value 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 trade represents a 10.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 1,022,178 shares of company stock worth $7,313,580.

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.