Renaissance Technologies LLC Buys 1,062,400 Shares of Fermi Inc. $FRMI

Key Points

• Renaissance Technologies increased its Fermi stake by 311.3% in the first quarter, purchasing 1,062,400 additional shares for a total holding of 1,403,700 shares valued at approximately $8.2 million.
• Analyst sentiment is mixed: Fermi has an average “Moderate Buy” rating and a $20.67 target price, but recent firms have issued downgrades or reduced price targets, including Mizuho cutting its target to $11.
• Insiders sold more than 1 million shares worth $7.3 million over the past 90 days, while Fermi reported a quarterly loss of $0.30 per share, missing the consensus estimate by $0.25. Shares opened at $6.03, well below the 12-month high of $36.99.

Renaissance Technologies LLC raised its stake in Fermi Inc. (NASDAQ:FRMI - Free Report) by 311.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,403,700 shares of the company's stock after buying an additional 1,062,400 shares during the period. Renaissance Technologies LLC owned about 0.22% of Fermi worth $8,198,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of FRMI. 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. purchased a new position in Fermi during the 4th quarter worth $36,000. Aspect Partners LLC purchased a new stake in shares of Fermi in the 4th quarter worth $38,000. SBI Securities Co. Ltd. bought a new position in shares of Fermi during the 4th quarter worth $41,000. Finally, Resona Asset Management Co. Ltd. bought a new position in shares of Fermi during the 1st quarter worth $73,000.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on FRMI shares. Weiss Ratings restated a "sell (d-)" rating on shares of Fermi in a report on Thursday, July 2nd. 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 report on Tuesday, July 28th. Cantor Fitzgerald assumed coverage on shares of Fermi in a research report on Thursday, April 9th. They issued an "overweight" rating and a $8.00 price target for the company. Wall Street Zen downgraded shares of Fermi from a "hold" rating to a "sell" rating in a research note on Sunday, May 10th. Finally, UBS Group lowered shares of Fermi from a "buy" rating to a "neutral" rating and set a $6.00 price objective on the stock. in a report on Tuesday, May 5th. 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. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $20.67.

Insider Activity

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

Fermi Trading Up 6.0%

NASDAQ FRMI opened at $6.03 on Tuesday. The firm's fifty day simple moving average is $7.19 and its two-hundred day simple moving average is $7.37. The firm has a market capitalization of $3.84 billion and a P/E ratio of -5.29. Fermi Inc. has a 12-month low of $4.47 and a 12-month high of $36.99.

Fermi (NASDAQ:FRMI - Get Free Report) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.25). As a group, sell-side analysts predict that Fermi Inc. will post -0.33 earnings per share for the current fiscal year.

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.