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WhiteFiber Inc (NASDAQ:WYFI) shares are trading higher Tuesday after multiple analyst firms initiated coverage on the stock with positive ratings and price targets well above current levels.
What To Know: WhiteFiber went public in July after Bit Digital Inc (NASDAQ:BTBT) announced plans to spin out the company through a proposed initial public offering. As a provider of AI infrastructure solutions, WhiteFiber owns high-performance computing data centers and provides cloud services to customers.
Several analysts initiated coverage on WhiteFiber stock following the closing of its IPO at $17 per share earlier this month. Here’s a look at how analysts view the company over the next 12 months.
WYFI Analysis: The price targets ranging from $28 to $34 suggest WhiteFiber stock has more room to run from current levels. Bit Digital maintains a 74.3% stake in the company.
Volume is robust at approximately 1.856 million shares, above the average volume of around 1.73 million, indicating strong buying interest. This uptick in volume supports the recent price increase, reinforcing bullish sentiment.
Support levels are clearly defined at $17.00, which aligns with recent lows, while resistance is established at $18.30, the recent high. A breakout above this resistance could signal further upside potential.
The RSI is calculated at 65.23, nearing overbought territory but still indicating bullish momentum. The MACD shows a bullish crossover, with the MACD line at 0.45 and the signal line at 0.30, suggesting upward momentum may continue.
WYFI Price Action: WhiteFiber shares were up 3.78% at $17.55 at the time of publication Tuesday, according to Benzinga Pro.
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