425,000 Shares in Fermi Inc. $FRMI Purchased by Philadelphia Financial Management of San Francisco LLC

Philadelphia Financial Management of San Francisco LLC purchased a new position in Fermi Inc. (NASDAQ:FRMI) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 425,000 shares of the company’s stock, valued at approximately $3,893,000,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pekin Hardy Strauss Inc. purchased a new position in shares of Fermi during the 4th quarter worth about $158,000. WJ Financial Advisors LLC acquired a new position in Fermi during the fourth quarter worth approximately $167,000. SBI Securities Co. Ltd. acquired a new position in Fermi during the fourth quarter worth approximately $41,000. Empire Life Investments Inc. purchased a new position in Fermi during the fourth quarter worth approximately $5,611,000. Finally, ANTIPODES PARTNERS Ltd purchased a new position in Fermi during the fourth quarter worth approximately $465,000.

Fermi Price Performance

Shares of NASDAQ FRMI opened at $5.61 on Thursday. Fermi Inc. has a 1-year low of $4.47 and a 1-year high of $36.99. The company has a market capitalization of $3.59 billion and a price-to-earnings ratio of -4.75. The business has a 50-day moving average of $7.01 and a 200-day moving average of $7.01.

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

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. UBS Group downgraded Fermi from a “buy” rating to a “neutral” rating and set a $6.00 price objective for the company. in a report on Tuesday, May 5th. Stifel Nicolaus reduced their target price on Fermi from $29.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday, June 23rd. Wall Street Zen lowered Fermi from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Mizuho reduced their price objective on Fermi from $27.00 to $11.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 28th. Finally, Weiss Ratings cut Fermi from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, August 14th. Two 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’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $20.67.

Insider Activity at Fermi

In other news, insider Mesut Uzman sold 79,509 shares of Fermi 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 sale, the insider owned 670,491 shares in the company, valued at $4,230,798.21. This trade represents a 10.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director James Richard Perry sold 863,637 shares of the business’s 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 in the company, valued at approximately $115,701,269.17. The trade was a 5.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,022,178 shares of company stock valued at $7,313,580 in the last ninety days.

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.