WhiteFiber (NASDAQ:WYFI) Stock Price Down 7.7% – Here’s Why

WhiteFiber, Inc. (NASDAQ:WYFI)’s share price dropped 7.7% during mid-day trading on Thursday . The stock traded as low as $26.75 and last traded at $26.9450. Approximately 733,901 shares traded hands during trading, a decline of 52% from the average session volume of 1,517,217 shares. The stock had previously closed at $29.18.

Analysts Set New Price Targets

WYFI has been the subject of a number of analyst reports. Needham & Company LLC boosted their price objective on shares of WhiteFiber from $36.00 to $38.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Weiss Ratings restated a “sell (d)” rating on shares of WhiteFiber in a research report on Wednesday, June 24th. Cantor Fitzgerald lifted their target price on shares of WhiteFiber from $13.00 to $27.00 and gave the stock a “neutral” rating in a research note on Friday, May 15th. Barclays initiated coverage on WhiteFiber in a report on Tuesday, June 9th. They issued an “equal weight” rating and a $27.00 price target for the company. Finally, BTIG Research increased their price target on WhiteFiber from $35.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Ten investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $34.67.

WhiteFiber Stock Down 2.5%

The company has a debt-to-equity ratio of 0.63, a quick ratio of 2.77 and a current ratio of 2.77. The company has a market cap of $971.04 million and a PE ratio of -17.34. The firm has a fifty day simple moving average of $31.29 and a 200 day simple moving average of $21.88.

WhiteFiber (NASDAQ:WYFI) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.07). WhiteFiber had a negative net margin of 45.24% and a negative return on equity of 9.40%. The company had revenue of $21.92 million for the quarter. WhiteFiber’s quarterly revenue was up 30.4% on a year-over-year basis. Equities research analysts predict that WhiteFiber, Inc. will post -1.26 EPS for the current year.

Hedge Funds Weigh In On WhiteFiber

A number of large investors have recently bought and sold shares of WYFI. JPMorgan Chase & Co. purchased a new stake in shares of WhiteFiber during the 3rd quarter valued at $2,718,000. Vanguard Group Inc. purchased a new position in shares of WhiteFiber in the 3rd quarter worth $6,563,000. Russell Investments Group Ltd. purchased a new position in shares of WhiteFiber in the 3rd quarter worth $1,278,000. Van ECK Associates Corp acquired a new position in WhiteFiber in the third quarter valued at $579,000. Finally, UBS Group AG acquired a new position in WhiteFiber in the third quarter valued at $763,000.

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”). Our Tier-3 data centers provide hosting and colocation services. Our cloud services support generative AI workstreams, especially training and inference.