WhiteFiber (NASDAQ:WYFI) Shares Down 6.5% – Here’s Why

WhiteFiber, Inc. (NASDAQ:WYFI)’s share price dropped 6.5% during mid-day trading on Tuesday . The stock traded as low as $17.06 and last traded at $17.06. Approximately 118,692 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 1,202,526 shares. The stock had previously closed at $18.25.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on WYFI shares. HC Wainwright began coverage on shares of WhiteFiber in a research note on Wednesday, October 1st. They set a “buy” rating and a $34.00 price target for the company. UBS Group set a $51.00 target price on WhiteFiber in a research note on Monday, October 6th. Needham & Company LLC decreased their price target on WhiteFiber from $45.00 to $38.00 and set a “buy” rating for the company in a research note on Friday, November 14th. Macquarie upped their price objective on WhiteFiber from $28.00 to $32.00 and gave the company an “outperform” rating in a research report on Friday, September 26th. Finally, Weiss Ratings started coverage on WhiteFiber in a report on Friday, October 31st. They set a “sell (d)” rating for the company. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, WhiteFiber presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.11.

WhiteFiber Stock Down 0.1%

The firm’s 50-day moving average price is $28.26.

WhiteFiber (NASDAQ:WYFI) last issued its quarterly earnings data on Thursday, November 13th. The company reported ($0.47) EPS 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 the consensus estimate of $21.18 million. The company’s revenue for the quarter was up 64.2% compared to the same quarter last year.

Hedge Funds Weigh In On WhiteFiber

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Prelude Capital Management LLC acquired a new stake in shares of WhiteFiber in the third quarter worth approximately $258,000. J.W. Cole Advisors Inc. purchased a new position in WhiteFiber in the 3rd quarter valued at $260,000. Militia Capital Partners LP acquired a new stake in WhiteFiber during the 3rd quarter worth $326,000. Gladstone Institutional Advisory LLC purchased a new stake in shares of WhiteFiber during the third quarter worth $349,000. Finally, Pentwater Capital Management LP acquired a new stake in shares of WhiteFiber in the third quarter valued at about $353,000.

WhiteFiber Company Profile

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”).