Whetstone Capital Advisors LLC Invests $12.01 Million in Fermi Inc. $FRMI

Key Points

• Whetstone Capital Advisors bought 1.31 million Fermi shares worth approximately $12.01 million in the second quarter, making Fermi its fifth-largest holding and representing about 0.20% of the company.
• Fermi shares opened at $5.53, down 3.2%, and remain well below their 12-month high of $36.99. The company reported a quarterly loss of $0.04 per share, though this beat analysts’ expectations.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $20.67, despite several recent target reductions and a director’s sale of 863,637 shares.

Whetstone Capital Advisors LLC purchased a new stake in Fermi Inc. (NASDAQ:FRMI - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 1,311,002 shares of the company's stock, valued at approximately $12,009,000. Fermi accounts for about 3.2% of Whetstone Capital Advisors LLC's investment portfolio, making the stock its 5th biggest holding. Whetstone Capital Advisors LLC owned about 0.20% of Fermi at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Leonteq Securities AG bought a new position in shares of Fermi in the fourth quarter valued at $30,000. PNC Financial Services Group Inc. acquired a new stake in shares of Fermi in the 4th quarter worth about $36,000. SBI Securities Co. Ltd. bought a new position in Fermi in the 4th quarter valued at about $41,000. Integrated Wealth Concepts LLC bought a new position in Fermi in the 2nd quarter valued at about $41,000. Finally, NewEdge Advisors LLC acquired a new position in Fermi during the 1st quarter valued at about $54,000.

Fermi Stock Down 3.2%

FRMI stock opened at $5.53 on Thursday. The firm has a market cap of $3.54 billion and a PE ratio of -4.69. The business has a 50 day moving average of $6.23 and a 200-day moving average of $6.71. 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 results 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. On average, research analysts expect that Fermi Inc. will post -0.33 earnings per share for the current year.

Insider Transactions at Fermi

In other Fermi news, Director James Perry sold 863,637 shares of Fermi stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $7.31, for a total value of $6,313,186.47. Following the sale, 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Analysts Set New Price Targets

Several analysts have recently commented on FRMI shares. Stifel Nicolaus lowered their price objective on Fermi from $29.00 to $17.00 and set a "buy" rating for the company in a research note on Tuesday, June 23rd. Evercore cut Fermi from an "outperform" rating to an "in-line" rating and set a $11.00 target price on the stock. in a research report on Friday, May 15th. Weiss Ratings downgraded shares of Fermi from a "sell (d-)" rating to a "sell (e+)" rating in a report on Friday, August 14th. Finally, Mizuho reduced their target price on shares of Fermi from $27.00 to $11.00 and set an "outperform" rating for the company in a research note on Tuesday, July 28th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $20.67.

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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