WhiteFiber (NASDAQ:WYFI) Shares Gap Down Following Weak Earnings

WhiteFiber, Inc. (NASDAQ:WYFI) gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $27.03, but opened at $25.52. WhiteFiber shares last traded at $25.63, with a volume of 1,476,980 shares trading hands.

The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.07). The company had revenue of $21.92 million for the quarter. The company’s revenue for the quarter was up 30.4% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on WYFI. Needham & Company LLC reduced their price objective on WhiteFiber from $38.00 to $36.00 and set a “buy” rating for the company in a research note on Friday, March 27th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of WhiteFiber in a report on Friday, March 27th. HC Wainwright decreased their price target on WhiteFiber from $34.00 to $20.00 and set a “buy” rating for the company in a research report on Friday, March 27th. Cantor Fitzgerald assumed coverage on WhiteFiber in a research report on Thursday, April 9th. They issued a “neutral” rating and a $13.00 price target for the company. Finally, BTIG Research initiated coverage on WhiteFiber in a report on Friday, April 10th. They set a “buy” rating and a $20.00 price objective on the stock. Ten investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, WhiteFiber currently has an average rating of “Moderate Buy” and an average target price of $31.18.

Institutional Trading of WhiteFiber

A number of hedge funds have recently modified their holdings of WYFI. Royal Bank of Canada raised its position in WhiteFiber by 108.2% during the fourth quarter. Royal Bank of Canada now owns 2,394 shares of the company’s stock valued at $37,000 after buying an additional 1,244 shares during the period. Strs Ohio acquired a new stake in WhiteFiber during the 4th quarter worth about $30,000. Shikiar Asset Management Inc. boosted its position in WhiteFiber by 4.9% during the 4th quarter. Shikiar Asset Management Inc. now owns 48,790 shares of the company’s stock worth $771,000 after acquiring an additional 2,290 shares during the period. Russell Investments Group Ltd. grew its stake in WhiteFiber by 5.3% during the 4th quarter. Russell Investments Group Ltd. now owns 49,513 shares of the company’s stock valued at $782,000 after acquiring an additional 2,477 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey acquired a new position in shares of WhiteFiber in the 4th quarter valued at about $44,000.

WhiteFiber Stock Performance

The company’s 50 day simple moving average is $15.97 and its two-hundred day simple moving average is $18.72. The stock has a market cap of $1.08 billion and a price-to-earnings ratio of -24.70.

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.