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      Farmmi, Inc. (FAMI) Stock Soaring in Premarket - Stocks Telegraph

      By Hassan Masood

      Published on

      October 4, 2021

      10:01 AM UTC

      Last Updated on

      June 19, 2023

      12:03 PM UTC

      Farmmi, Inc. (FAMI) Stock Soaring in Premarket - Stocks Telegraph

      Farmmi, Inc. (FAMI), a company that, together with its subsidiaries, processes and sells agricultural products, has increased 9.87% in the premarket trading session. Consequently, FAMI stock was changing hands at $0.39 when last checked. On Friday, FAMI stock closed the day at $0.35 after declining 23.55% during regular trading hours. The last press release by the company, issued today, is about the company’s clarification that certain websites misquoted its CEO update letter, issued 29th September.

      FAMI CEO update letter

      FAMI issued a CEO update letter on 29th September 2021. According to the details, the letter highlighted the strong financial and corporate position that Farmmi enjoys currently. The letter thanked investors for their continued support of the company. It stressed that the capital raises during the current fiscal year have provided momentum to the company, which served it to achieve numerous goals. The letter further expressed an optimistic outlook of the company for the future.  

      FAMI subsidiary won an export order

      On 27th September, FAMI announced that its subsidiary, namely Zhejiang Forest Food Co., Ltd., has won an additional multi-product order for export to Israel. The company said that the latest sales win is for sliced Shiitake mushrooms, dried whole, and dried black fungus. Ms. Yefang Zhang, Farmmi’s Chairwoman, and CEO, commented on the development that the company is gaining benefits from robust demand for its products, while it also is developing new markets for them around the globe.  

      Farmmi 1HFY 2021 financial results

      On 2nd August, FAMI reported the financial results for the first half of the fiscal year 2021. According to the details, the company generated $17.79 million in terms of revenue during the period. Compared to that, during the equivalent period of 2020, the revenue stood at $13.58 million. The gross profit for the period stood at $2.99 million, while during the comparative period of 2020, it was $2.11 million. The company generated an income of $1.44 million from the operations during the 6 months. During the first half of 2020, the income from operations stood at $1.14 million. The net income for the period stood at $1.36 million, while the net loss for an equivalent period of 2020 was $0.06 million. The basic and diluted income per share for 6 month period stood at $0.07.

      What lies ahead for FAMI?

      The recent past performance of FAMI stock has been outstanding. The stock has surged by 70% during the last week, primarily on the back of the CEO update letter. Analysts estimate that the EPS of FAMI could grow by 292% during the current fiscal year. So, potential investors should keep a close eye on FAMI stock.

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