WhiteFiber (NASDAQ:WYFI) Stock Price Down 13.5% – Here’s Why

WhiteFiber, Inc. (NASDAQ:WYFI) shares were down 13.5% on Wednesday . The stock traded as low as $15.65 and last traded at $15.96. Approximately 963,062 shares traded hands during mid-day trading, a decline of 16% from the average daily volume of 1,141,495 shares. The stock had previously closed at $18.45.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on WYFI shares. Citigroup began coverage on shares of WhiteFiber in a research report on Wednesday, November 19th. They set an “outperform” rating for the company. Needham & Company LLC cut their price objective on shares of WhiteFiber from $45.00 to $38.00 and set a “buy” rating for the company in a report on Friday, November 14th. Compass Point began coverage on shares of WhiteFiber in a report on Tuesday, December 16th. They set a “buy” rating and a $32.00 target price on the stock. JMP Securities set a $37.00 price target on WhiteFiber in a report on Wednesday, November 19th. Finally, Citizens Jmp started coverage on WhiteFiber in a research note on Wednesday, November 19th. They set a “market outperform” rating and a $37.00 price objective on the stock. Nine investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, WhiteFiber presently has an average rating of “Moderate Buy” and an average price target of $36.30.

WhiteFiber Stock Performance

The company’s 50 day simple moving average is $18.48. The firm has a market capitalization of $617.13 million and a P/E ratio of -34.32.

WhiteFiber (NASDAQ:WYFI) last posted its quarterly 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 for the quarter, compared to analyst estimates of $21.18 million. The firm’s quarterly revenue was up 64.2% compared to the same quarter last year.

Institutional Investors Weigh In On WhiteFiber

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Monashee Investment Management LLC bought a new stake in WhiteFiber in the 3rd quarter worth $9,645,000. Marshall Wace LLP purchased a new stake in shares of WhiteFiber during the third quarter worth about $9,105,000. Wasatch Advisors LP bought a new stake in shares of WhiteFiber in the third quarter worth about $8,382,000. Clearfield Capital Management LP purchased a new position in WhiteFiber during the 3rd quarter valued at about $6,778,000. Finally, Vanguard Group Inc. bought a new position in WhiteFiber during the 3rd quarter valued at approximately $6,563,000.

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