WhiteFiber (NASDAQ:WYFI) Trading Down 6.6% – Here’s What Happened

WhiteFiber, Inc. (NASDAQ:WYFI) shares dropped 6.6% during trading on Tuesday . The company traded as low as $17.00 and last traded at $17.35. Approximately 120,174 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 1,208,161 shares. The stock had previously closed at $18.58.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Citigroup began coverage on WhiteFiber in a research note on Wednesday, November 19th. They issued an “outperform” rating for the company. Craig Hallum initiated coverage on WhiteFiber in a research report on Tuesday, September 2nd. They issued a “buy” rating and a $25.00 price objective for the company. Zacks Research raised WhiteFiber to a “hold” rating in a report on Wednesday, September 3rd. Needham & Company LLC cut their target price on shares of WhiteFiber from $45.00 to $38.00 and set a “buy” rating on the stock in a research report on Friday, November 14th. Finally, Citizens Jmp initiated coverage on shares of WhiteFiber in a research report on Wednesday, November 19th. They set a “market outperform” rating and a $37.00 price target for the company. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $36.11.

WhiteFiber Price Performance

The company has a 50 day simple moving average of $28.13.

WhiteFiber (NASDAQ:WYFI) last released its earnings results on Thursday, November 13th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.35). The business had revenue of $20.18 million during the quarter, compared to analysts’ expectations of $21.18 million. The company’s revenue for the quarter was up 64.2% on a year-over-year basis.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Monashee Investment Management LLC acquired a new stake in WhiteFiber in the third quarter worth $9,645,000. Marshall Wace LLP bought a new stake in shares of WhiteFiber in the 3rd quarter valued at $9,105,000. Wasatch Advisors LP acquired a new stake in WhiteFiber during the 3rd quarter worth $8,382,000. Clearfield Capital Management LP bought a new position in WhiteFiber during the third quarter worth about $6,778,000. Finally, Vanguard Group Inc. acquired a new position in WhiteFiber in the third quarter valued at about $6,563,000.

About WhiteFiber

We believe we are a leading provider of artificial intelligence (“AI”) infrastructure solutions. We own high-performance computing (“HPC”) data centers and provide cloud-based HPC graphics processing units (“GPU”) services, which we term cloud services, for customers such as AI application and machine learning (“ML”) developers (the “HPC Business”).