Whetstone Capital Advisors LLC Acquires Shares of 1,311,002 Fermi Inc. $FRMI

Whetstone Capital Advisors LLC bought a new position in Fermi Inc. (NASDAQ:FRMI) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 1,311,002 shares of the company’s stock, valued at approximately $12,009,000. Fermi comprises 3.2% of Whetstone Capital Advisors LLC’s holdings, making the stock its 5th biggest position.

Several other hedge funds have also recently made changes to their positions in the company. NewEdge Advisors LLC lifted its position in shares of Fermi by 22.5% during the 2nd quarter. NewEdge Advisors LLC now owns 11,431 shares of the company’s stock valued at $105,000 after buying an additional 2,101 shares during the last quarter. Leonteq Securities AG purchased a new stake in Fermi in the 4th quarter worth about $30,000. Integrated Wealth Concepts LLC bought a new stake in Fermi in the 2nd quarter valued at about $41,000. PNC Financial Services Group Inc. bought a new stake in Fermi in the 4th quarter valued at about $36,000. Finally, SBI Securities Co. Ltd. purchased a new stake in Fermi during the fourth quarter valued at about $41,000.

Fermi Stock Down 3.2%

Shares of NASDAQ FRMI opened at $5.53 on Thursday. The company has a market cap of $3.54 billion and a P/E ratio of -4.69. Fermi Inc. has a 52 week low of $4.47 and a 52 week high of $36.99. The business has a 50-day simple moving average of $6.23 and a two-hundred day simple moving average of $6.71.

Fermi (NASDAQ:FRMI) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.02. During the same period in the prior year, the firm earned ($0.02) EPS. Equities research analysts anticipate that Fermi Inc. will post -0.33 EPS for the current year.

Insider Buying and Selling

In related news, Director James Perry sold 863,637 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $7.31, for a total transaction of $6,313,186.47. Following the completion of 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FRMI. Stifel Nicolaus cut their target price on shares of Fermi from $29.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, June 23rd. Weiss Ratings cut shares of Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, August 14th. Evercore cut shares of Fermi from an “outperform” rating to an “in-line” rating and set a $11.00 price target on the stock. in a research note on Friday, May 15th. Finally, Mizuho reduced their price objective 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 equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Fermi has an average rating of “Moderate Buy” and a consensus target price of $20.67.

Fermi Company 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.