1,000,000 Shares in Fermi Inc. $FRMI Bought by Parsifal Capital Management LP

Parsifal Capital Management LP acquired a new position in Fermi Inc. (NASDAQ:FRMI) in the 2nd quarter, Holdings Channel.com reports. The firm acquired 1,000,000 shares of the company’s stock, valued at approximately $9,160,000,000. Fermi comprises approximately 1.1% of Parsifal Capital Management LP’s portfolio, making the stock its 15th biggest position.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Tribune Investment Group LP acquired a new stake in Fermi in the second quarter valued at $982,000. Two Seas Capital LP acquired a new position in shares of Fermi during the 2nd quarter worth $3,230,000. Bank of Nova Scotia acquired a new position in shares of Fermi during the 2nd quarter worth $7,771,000. Ieq Capital LLC purchased a new position in shares of Fermi in the 2nd quarter valued at about $364,000. Finally, Texas Capital Bank Wealth Management Services Inc purchased a new position in shares of Fermi in the 2nd quarter valued at about $13,334,000.

Insider Transactions at Fermi

In other news, Director James Richard 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 value 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 $115,701,269.17. The trade was a 5.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Mesut Uzman sold 79,509 shares of the company’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 transaction of $501,701.79. Following the transaction, the insider directly owned 670,491 shares in the company, valued at $4,230,798.21. The trade was a 10.60% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 1,022,178 shares of company stock valued at $7,313,580.

Wall Street Analyst Weigh In

FRMI has been the subject of several recent analyst reports. 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. UBS Group lowered shares of Fermi from a “buy” rating to a “neutral” rating and set a $6.00 target price on the stock. in a research report on Tuesday, May 5th. Stifel Nicolaus dropped their target price on shares of Fermi from $29.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, June 23rd. Weiss Ratings downgraded shares of Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, August 14th. Finally, Wall Street Zen lowered Fermi from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Fermi has a consensus rating of “Moderate Buy” and a consensus target price of $20.67.

Fermi Price Performance

FRMI opened at $5.92 on Monday. The firm has a market cap of $3.79 billion and a P/E ratio of -5.02. The business’s fifty day simple moving average is $7.14 and its 200 day simple moving average is $7.06. Fermi Inc. has a 52 week low of $4.47 and a 52 week high of $36.99.

Fermi (NASDAQ:FRMI) last announced its 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 quarter last year, the company posted ($0.02) earnings per share. As a group, equities analysts expect that Fermi Inc. will post -0.33 EPS 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.