Farmmi Inc. (NASDAQ:FAMI) is down 5% in a week. Last week the company announced that its subsidiary, Zhejian Forest Food Co. Ltd., had won a product export order to Israel. The sales order win is for dried sliced and whole Shiitake mushrooms plus dried black fungus. CEO and chairwoman of the company Ms. Yefang Zhang said they have come from a demanding period, and they are ready for customer development, growth, and capacity expansion.
Yang said that the company is witnessed increased demand across china and globally as they position the company for expedited revenue growth and profitability.
The CEO confirmed that the company is making progress, and they are delighted with the advancement made in revenue growth with current customers, such as the latest order win. Yefang added that as an established large-scale producer with a robust worldwide brand and distribution chain, the company has a significant competitive edge. They anticipate more growth towards the end of 2021. FAMI is making progress, and it is worth keeping an eye on.
Market Reaction:
On Tuesday, FAMI stock went down 2.22% at $0.43 with more than 6.87 million shares, compared to its average volume of 21.38 million shares. The stock has moved within a range of $0.4220 – 0.4418 after opening the trade at $0.4351.
