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Farmmi, Inc. (FAMI) stock fell in the Tuesday aftermarket: Why did it happen?

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Shares of the Farmmi, Inc. (FAMI) stock continued the downtrend in the after-market trading session.FAMI stock price saw a downtrend of 9.77% to drop at 0.85 a share in the late hours of Tuesday, April 20, 2021. FAMI was gloomy in the previous trading session and dropped by 6.73% at closing. Let’s try to find the reason behind this fall.

What’s happening?

There is no new story since April 16, 2021, related to the FAMI stock to justify the current bearish sentiment. No analysts downgrade or shrank targeted per share price of FAMI stock has been reported recently. Such falls or rises in the stock market spread curiosity among the individuals as they always try to find the reason to calm themselves.

Recent Development of FAMI stock:

On April 16, 2021, FAMI  stock did the announcement of winning the multi-product order for export to the U.S. by its subsidiary Zhejiang Forest Food Co., Ltd. The order is related to the flavored dried whole and sliced mushrooms, and dried black fungus which are high-quality products of Farmmi stock. The customer is a well-established trading company that is supplying food products to major global hotel and supermarket chains. STANFORD hotel chain and the H-MART supermarket chain are the names of the favorite among them. This order would continue the sales momentum for the FAMI stock. Previously on April 08, 2021, Zhejiang received the multi-product order for dried whole and sliced Shiitake mushrooms, and black fungus from Israel.

On April 13, 2021, FAMI stock announced the closing of an over-allotment option pursuant to which selling of which 970,419 ordinary shares happened at $1.15 per ordinary share price. The gross proceeds from this option as well as from previously closed underwritten public offering were totaled approximately $8.6 million without the deduction of underwriting discounts, commissions, and other related expenses of Farmmi stock.

Conclusion:

FAMI stock was gloomy in the aftermarket as well as the previous trading session. This fall is not attributed to any recent news related to Farmmi Inc. however its recent developments show that Farmmi is continuing the momentum of its agricultural products. In a nutshell, investors need to do both fundamental and technical analysis before adding this stock to their portfolio.

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