111,000 Shares in Fermi Inc. $FRMI Bought by SummitTX Capital L.P.

SummitTX Capital L.P. acquired a new stake in shares of Fermi Inc. (NASDAQ:FRMI) in the first quarter, HoldingsChannel reports. The institutional investor acquired 111,000 shares of the company’s stock, valued at approximately $648,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Leonteq Securities AG bought a new position in 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 approximately $36,000. Aspect Partners LLC purchased a new position in Fermi in the fourth quarter valued at $38,000. SBI Securities Co. Ltd. acquired a new position in shares of Fermi during the fourth quarter valued at approximately $41,000. Finally, Resona Asset Management Co. Ltd. acquired a new stake in shares of Fermi in the 1st quarter worth $73,000.

Insider Buying and Selling

In other news, insider Mesut Uzman sold 79,509 shares of the business’s stock in a transaction that occurred 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 $4,230,798.21. The trade was a 10.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director James Richard Perry sold 863,637 shares of the business’s stock in a transaction dated 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 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 sold a total of 1,022,178 shares of company stock worth $7,313,580 in the last ninety days.

Analyst Ratings Changes

FRMI has been the topic of several recent research reports. Wall Street Zen downgraded shares of Fermi from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. UBS Group cut Fermi from a “buy” rating to a “neutral” rating and set a $6.00 price objective for the company. in a research report on Tuesday, May 5th. Mizuho decreased their target price on Fermi from $27.00 to $11.00 and set an “outperform” rating for the company in a research report on Tuesday. Stifel Nicolaus cut their price objective on shares of Fermi from $29.00 to $17.00 and set a “buy” rating on the stock in a research report on Tuesday, June 23rd. Finally, Cantor Fitzgerald assumed coverage on Fermi in a report on Thursday, April 9th. They issued an “overweight” rating and a $8.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Fermi currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.67.

Fermi Stock Up 14.8%

Fermi stock opened at $6.73 on Friday. Fermi Inc. has a twelve month low of $4.47 and a twelve month high of $36.99. The company’s 50-day moving average price is $7.20 and its two-hundred day moving average price is $7.43. The stock has a market cap of $4.29 billion and a P/E ratio of -5.90.

Fermi (NASDAQ:FRMI) 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). Equities analysts anticipate 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.