Weiss Asset Management LP Buys 1,960,764 Shares of Fermi Inc. $FRMI

Weiss Asset Management LP lifted its stake in shares of Fermi Inc. (NASDAQ:FRMI) by 431.6% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 2,415,027 shares of the company’s stock after buying an additional 1,960,764 shares during the quarter. Weiss Asset Management LP’s holdings in Fermi were worth $14,104,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of FRMI. ORG Wealth Partners LLC bought a new stake in shares of Fermi during the 4th quarter worth about $151,000. Nisa Investment Advisors LLC bought a new position in Fermi in the 4th quarter valued at about $423,000. Prime Capital Investment Advisors LLC acquired a new stake in Fermi during the fourth quarter worth approximately $84,000. Choreo LLC bought a new stake in shares of Fermi during the fourth quarter worth approximately $98,000. Finally, Aspect Partners LLC bought a new stake in shares of Fermi during the fourth quarter worth approximately $38,000.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Wall Street Zen downgraded Fermi from a “hold” rating to a “sell” rating in a research report on Sunday, May 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Fermi in a report on Thursday, July 2nd. UBS Group downgraded Fermi from a “buy” rating to a “neutral” rating and set a $6.00 price target for the company. in a research note on Tuesday, May 5th. Evercore lowered Fermi from an “outperform” rating to an “in-line” rating and set a $11.00 price objective on the stock. in a report on Friday, May 15th. Finally, Cantor Fitzgerald began coverage on Fermi in a research report on Thursday, April 9th. They set an “overweight” rating and a $8.00 price objective on the stock. Two investment 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 assigned a Sell rating to the company. According to data from MarketBeat, Fermi currently has an average rating of “Moderate Buy” and an average target price of $22.44.

Insider Buying and Selling

In related 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 sale, the director owned 15,827,807 shares of the company’s stock, valued at $115,701,269.17. This represents a 5.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mesut Uzman sold 79,509 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $6.31, for a total value of $501,701.79. Following 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 position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,022,178 shares of company stock worth $7,313,580 in the last three months.

Fermi Stock Up 17.1%

NASDAQ FRMI opened at $7.40 on Friday. The firm has a 50-day moving average price of $7.17 and a two-hundred day moving average price of $7.51. Fermi Inc. has a 12-month low of $4.47 and a 12-month high of $36.99. The company has a market capitalization of $4.72 billion and a P/E ratio of -6.49.

Fermi (NASDAQ:FRMI) last announced its earnings results 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 expect that Fermi Inc. will post 0.34 EPS for the current year.

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.