Farmmi Inc (NASDAQ:FAMI) Stock Falls 32% In A Week: What’s Going On?
Farmmi Inc (NASDAQ:FAMI) has dropped 32% in a week. The company announced that its Zhejiang Forest Food Co. Ltd., its subsidiary, had received a new product order for its famous dried black fungus from a long-term customer who will export the products to Canada.
Commenting on the win, Fammi’s CEO and Chairwoman, Ms. Yefang Zhang, said its customer engagements have expanded. In addition, the company adds value with its leading logistics and packaging to enhance flavors, minimize waste and ensure quality. She said that the focus for the company is accelerating revenue growth and expanding to capitalize on Farmmi’s large scale and serve more customers.
Also, the company announced the signing of strategic cooperation and investment agreement with Sigma Holding and Hangzhou Xuyue Interactive culture and Media Co. Ltd through Farmmi Hangzhou Enterprise Management Co. Ltd., its subsidiary. This latest strategic agreement demonstrates the company’s continued active expansion into the distribution network of agricultural products. So, in the coming months, FAMI is a stock to watch.
Market Reaction:
On Wednesday, FAMI stock fell 4.65% at $0.41 with more than 10.82 million shares, compared to its average volume of 35.86 million shares. The stock had moved within a range of $0.4036 – 0.4390 after opening the trade at $0.4280. Over the past 52-week, the stock has been trading within a range of $0.3000 – 2.4700.
