Sovereign s Capital Management LLC bought a new stake in Fermi Inc. (NASDAQ:FRMI – Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 275,958 shares of the company’s stock, valued at approximately $2,208,000. Fermi makes up approximately 1.3% of Sovereign s Capital Management LLC’s portfolio, making the stock its 29th biggest holding.
Other hedge funds have also recently added to or reduced their stakes in the company. Empire Life Investments Inc. acquired a new stake in Fermi during the fourth quarter worth approximately $5,611,000. SIR Capital Management L.P. acquired a new stake in Fermi during the fourth quarter worth approximately $2,255,000. Hel Ved Capital Management Ltd acquired a new stake in Fermi during the fourth quarter worth approximately $2,182,000. MIdWestOne Financial Group Inc. acquired a new stake in Fermi during the fourth quarter worth approximately $4,364,000. Finally, Polymer Capital Management HK LTD acquired a new stake in Fermi during the fourth quarter worth approximately $281,000.
Wall Street Analyst Weigh In
FRMI has been the topic of a number of research analyst reports. Cantor Fitzgerald initiated coverage on shares of Fermi in a report on Thursday, April 9th. They set an “overweight” rating and a $8.00 price objective on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Fermi in a report on Monday, March 23rd. Wall Street Zen cut shares of Fermi from a “hold” rating to a “sell” rating in a report on Sunday, May 10th. UBS Group cut shares of Fermi from a “buy” rating to a “neutral” rating and set a $6.00 price objective on the stock. in a report on Tuesday, May 5th. Finally, Evercore cut shares of 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. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $23.78.
Insiders Place Their Bets
In other news, CFO Miles E. Everson sold 427,004 shares of Fermi stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $4.58, for a total value of $1,955,678.32. Following the transaction, the chief financial officer directly owned 9,969,791 shares of the company’s stock, valued at $45,661,642.78. The trade was a 4.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Griffin Perry sold 9,000,000 shares of Fermi stock in a transaction on Monday, March 30th. The shares were sold at an average price of $5.02, for a total transaction of $45,180,000.00. Following the completion of the transaction, the insider directly owned 62,946,450 shares in the company, valued at $315,991,179. The trade was a 12.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 13,593,748 shares of company stock worth $68,803,933.
Fermi Price Performance
Shares of Fermi stock opened at $7.88 on Wednesday. The firm’s fifty day simple moving average is $5.93 and its 200-day simple moving average is $8.21. The stock has a market capitalization of $5.02 billion and a price-to-earnings ratio of -6.91. 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 announced its earnings results on Thursday, May 14th. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.25). Analysts anticipate that Fermi Inc. will post 0.4 earnings per share 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.
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