BlueCrest Capital Management Ltd Makes New Investment in Fermi Inc. $FRMI

BlueCrest Capital Management Ltd acquired a new position in shares of Fermi Inc. (NASDAQ:FRMI) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 3,632,795 shares of the company’s stock, valued at approximately $33,276,000. Fermi accounts for approximately 1.1% of BlueCrest Capital Management Ltd’s portfolio, making the stock its 13th biggest position.

Other hedge funds have also modified their holdings of the company. BlackRock Inc. purchased a new position in Fermi in the second quarter valued at $38,499,000. Ratan Capital Management LP purchased a new stake in Fermi during the 2nd quarter worth about $19,774,000. Balyasny Asset Management L.P. acquired a new stake in Fermi in the 4th quarter valued at about $16,549,000. Weiss Asset Management LP raised its position in Fermi by 431.6% in the 1st quarter. Weiss Asset Management LP now owns 2,415,027 shares of the company’s stock valued at $14,104,000 after purchasing an additional 1,960,764 shares in the last quarter. Finally, Bank of America Corp DE purchased a new position in shares of Fermi in the 2nd quarter valued at about $17,859,000.

Fermi Price Performance

Shares of FRMI opened at $5.53 on Thursday. The stock has a market cap of $3.54 billion and a PE ratio of -4.69. Fermi Inc. has a 1-year low of $4.47 and a 1-year high of $36.99. The firm has a fifty day moving average price of $6.23 and a 200 day moving average price of $6.71.

Fermi (NASDAQ:FRMI) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.02. During the same quarter in the previous year, the company earned ($0.02) EPS. As a group, equities analysts expect that Fermi Inc. will post -0.33 EPS for the current fiscal year.

Insider Activity

In other news, Director James Perry sold 863,637 shares of the business’s stock in a transaction that occurred 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 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analysts Set New Price Targets

FRMI has been the subject of a number of analyst reports. Weiss Ratings downgraded Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, August 14th. Evercore downgraded shares of Fermi from an “outperform” rating to an “in-line” rating and set a $11.00 price target for the company. in a research note on Friday, May 15th. Stifel Nicolaus decreased their price target on shares of Fermi from $29.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday, June 23rd. Finally, Mizuho lowered 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. Two equities research 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 stock. According to MarketBeat, Fermi currently has an average rating of “Moderate Buy” and an average target price of $20.67.

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.