Farmmi, Inc. (FAMI) stock declined in the current market after Russia invaded Ukraine. Farmmi is an agriculture product supplier based in China. FAMI values at $0.15, losing more than 5.41% compared to yesterday’s closing price. The stock closed at $0.17 at the end of the last trading session. The stock volume traded in the last trading session was around 27.84 million shares. The current market cap of the company is around $92.81 million.
FAMI Increasing Orders
The company previously announced a few significant clientele gains. They said they got some new long-term clients who will order dried mushroom products in bulk.
On February 22, 2022, the company announced that its subsidiary Zhejiang Farmmi Biotechnology’s well-known dried Shiitake mushrooms had received a fresh order from a customer in Dubai.
On February 16, 2022, FAMI announced that it got an order from its repeating customer. The order they got was for dried Shiitake mushrooms, and the order will be exported to Jordan.
On February 09, 2022, its subsidiary got an order for dried Shiitake mushrooms from a new customer based in Israel.
FAMI: Global Mushroom Industry
The worldwide mushroom market is predicted to increase at a CAGR of 9.5 per cent from 2021 to 2028, with a market value of $46.1 billion in 2020. Over the next several years, a growing number of vegans will seek a protein-rich diet, which is likely to drive the industry. The research source is Grand View Research.
FAMI CEO’s Remarks
Ms. Yefang Zhang. The company’s CEO said that their sales staff sees increasing order volume from returning and new consumers in everyday client interactions. Customer activity is robust, despite supply chain issues and shutdowns that hampered market development during COVID-19. They have done a terrific job assisting clients at this challenging time, strengthening our long-term ties.
Conclusion
The stock of the company is declining despite any significant business news. The company is an agricultural products company, and the ongoing conflict between Russia and Ukraine has caused the stock to decline. The ongoing situation can cause supply chain disruption, due to which its stock is down as of now.
