Fermi Inc. $FRMI Shares Acquired by Renaissance Technologies LLC

Renaissance Technologies LLC increased its stake in shares of Fermi Inc. (NASDAQ:FRMI) by 311.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,403,700 shares of the company’s stock after buying an additional 1,062,400 shares during the quarter. Renaissance Technologies LLC’s holdings in Fermi were worth $8,198,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC acquired a new stake in Fermi during the 4th quarter worth about $423,000. Prime Capital Investment Advisors LLC purchased a new stake in Fermi during the 4th quarter valued at about $84,000. Choreo LLC acquired a new position in shares of Fermi in the fourth quarter valued at about $98,000. Aspect Partners LLC purchased a new position in shares of Fermi in the fourth quarter worth about $38,000. Finally, Capelight Capital Asset Management LP purchased a new position in shares of Fermi in the fourth quarter worth about $292,000.

Fermi Stock Up 6.0%

FRMI stock opened at $6.03 on Tuesday. Fermi Inc. has a 52-week low of $4.47 and a 52-week high of $36.99. The firm has a market cap of $3.84 billion and a P/E ratio of -5.29. The company’s 50-day simple moving average is $7.19 and its 200-day simple moving average is $7.37.

Fermi (NASDAQ:FRMI) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.25). On average, analysts anticipate that Fermi Inc. will post -0.33 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

FRMI has been the subject of a number of research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fermi in a report on Thursday, July 2nd. UBS Group lowered shares of Fermi from a “buy” rating to a “neutral” rating and set a $6.00 price target for the company. in a research report on Tuesday, May 5th. Wall Street Zen cut shares of Fermi from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Cantor Fitzgerald initiated coverage on shares of Fermi in a report on Thursday, April 9th. They issued an “overweight” rating and a $8.00 price objective on the stock. Finally, Evercore lowered shares of Fermi from an “outperform” rating to an “in-line” rating and set a $11.00 price objective on the stock. in a research note on Friday, May 15th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $20.67.

Insider Activity at Fermi

In other news, insider Mesut Uzman sold 79,509 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $6.31, for a total value 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. The trade was a 10.60% decrease in their ownership of the stock. The transaction 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 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 sale, the director owned 15,827,807 shares of the company’s stock, valued at $115,701,269.17. This trade represents a 5.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 1,022,178 shares of company stock worth $7,313,580.

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.