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

WhiteFiber, Inc. (NASDAQ:WYFI) gapped down before the market opened on Thursday following a dissappointing 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 changing hands.

The company reported ($0.31) earnings per share 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 quarterly revenue was up 30.4% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

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

Institutional Trading of WhiteFiber

Institutional investors have recently made changes to their positions in the business. Strs Ohio acquired a new position in WhiteFiber in the fourth quarter worth about $30,000. Royal Bank of Canada lifted its position in shares of WhiteFiber by 108.2% during the 4th quarter. Royal Bank of Canada now owns 2,394 shares of the company’s stock worth $37,000 after buying an additional 1,244 shares during the period. Police & Firemen s Retirement System of New Jersey acquired a new stake in WhiteFiber in the 4th quarter valued at $44,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in WhiteFiber in the fourth quarter valued at $55,000. Finally, MetLife Investment Management LLC bought a new stake in WhiteFiber in the fourth quarter valued at $106,000.

WhiteFiber Price Performance

The stock has a market capitalization of $1.08 billion and a price-to-earnings ratio of -24.70. The firm has a 50 day simple moving average of $15.97 and a 200-day simple moving average of $18.72.

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.