Two Seas Capital LP Purchases New Holdings in Fermi Inc. $FRMI

Key Points

• Two Seas Capital acquired 352,671 Fermi shares worth approximately $3.23 million, joining several other institutional investors that recently initiated positions.
• Analyst sentiment remains mixed: Fermi has an overall “Moderate Buy” consensus and a $20.67 price target, but several firms recently downgraded the stock or sharply reduced their targets.
• Fermi shares opened at $5.92, well below their 52-week high of $36.99. Insiders sold more than 1 million shares worth approximately $7.31 million during the last quarter, while the company reported a quarterly loss of $0.04 per share that beat estimates.

Two Seas Capital LP acquired a new position in shares of Fermi Inc. (NASDAQ:FRMI - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 352,671 shares of the company's stock, valued at approximately $3,230,000. Two Seas Capital LP owned approximately 0.06% of Fermi at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Renaissance Capital LLC bought a new position in shares of Fermi during the fourth quarter valued at approximately $182,000. Pekin Hardy Strauss Inc. bought a new stake in shares of Fermi in the 4th quarter worth approximately $158,000. WJ Financial Advisors LLC purchased a new stake in shares of Fermi in the 4th quarter worth approximately $167,000. SBI Securities Co. Ltd. purchased a new stake in shares of Fermi in the 4th quarter worth approximately $41,000. Finally, Empire Life Investments Inc. bought a new position in Fermi during the 4th quarter valued at approximately $5,611,000.

Analysts Set New Price Targets

A number of research analysts have issued reports on FRMI shares. Weiss Ratings cut Fermi from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Friday, August 14th. UBS Group cut 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. Wall Street Zen downgraded Fermi from a "hold" rating to a "sell" rating in a report on Sunday, May 10th. Stifel Nicolaus lowered their price target on Fermi from $29.00 to $17.00 and set a "buy" rating for the company in a research report on Tuesday, June 23rd. Finally, Mizuho dropped their price target on shares of Fermi from $27.00 to $11.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 28th. Two 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, Fermi presently has an average rating of "Moderate Buy" and a consensus price target of $20.67.

Insiders Place Their Bets

In related news, Director James Richard Perry sold 863,637 shares of Fermi 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 completion of the sale, the director owned 15,827,807 shares of the company's stock, 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 legal filing with the SEC, which is available at this link. Also, insider Mesut Uzman sold 79,509 shares of the company's stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $6.31, for a total value of $501,701.79. Following the sale, the insider owned 670,491 shares of the company's stock, valued at approximately $4,230,798.21. This trade represents a 10.60% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 1,022,178 shares of company stock valued at $7,313,580.

Fermi Stock Down 0.8%

Shares of FRMI stock opened at $5.92 on Friday. The company has a 50 day moving average price of $7.14 and a 200-day moving average price of $7.07. Fermi Inc. has a 52 week low of $4.47 and a 52 week high of $36.99. The firm has a market capitalization of $3.79 billion and a PE ratio of -5.02.

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

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