SummitTX Capital L.P. Takes $648,000 Position in Fermi Inc. $FRMI

SummitTX Capital L.P. bought a new stake in Fermi Inc. (NASDAQ:FRMI) during the first quarter, according to its most recent filing with the SEC. The firm bought 111,000 shares of the company’s stock, valued at approximately $648,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in FRMI. Leonteq Securities AG bought a new stake in Fermi in the 4th quarter valued at $30,000. PNC Financial Services Group Inc. acquired a new stake in shares of Fermi during the fourth quarter valued at about $36,000. Aspect Partners LLC acquired a new stake in shares of Fermi during the fourth quarter worth $38,000. SBI Securities Co. Ltd. bought a new position in shares of Fermi during the 4th quarter worth about $41,000. Finally, Resona Asset Management Co. Ltd. bought a new position in Fermi during the 1st quarter valued at $73,000.

Insider Transactions at Fermi

In related news, insider Mesut Uzman sold 79,509 shares of the company’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $6.31, for a total transaction of $501,701.79. Following the completion of the sale, the insider directly owned 670,491 shares in the company, valued at $4,230,798.21. This represents a 10.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director James Richard Perry sold 863,637 shares of Fermi stock in a transaction 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 transaction, the director directly owned 15,827,807 shares of the company’s stock, valued at $115,701,269.17. This represents a 5.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 1,022,178 shares of company stock worth $7,313,580.

Fermi Stock Performance

Fermi stock opened at $6.73 on Friday. Fermi Inc. has a 1 year low of $4.47 and a 1 year high of $36.99. The company has a market cap of $4.29 billion and a P/E ratio of -5.90. The firm’s 50-day moving average is $7.20 and its 200-day moving average is $7.43.

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). As a group, sell-side analysts predict that Fermi Inc. will post -0.33 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently issued reports on FRMI shares. UBS Group lowered shares of Fermi from a “buy” rating to a “neutral” rating and set a $6.00 target price for the company. in a research report on Tuesday, May 5th. Mizuho cut their target price on shares of Fermi from $27.00 to $11.00 and set an “outperform” rating for the company in a research note on Tuesday. Wall Street Zen downgraded Fermi from a “hold” rating to a “sell” rating in a research report on Sunday, May 10th. Evercore lowered 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, Stifel Nicolaus cut their price target on Fermi from $29.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday, June 23rd. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average 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.