BitFuFu Inc. (NASDAQ:FUFU) Receives $5.33 Average Price Target from Brokerages

BitFuFu Inc. (NASDAQ:FUFU) has been assigned a consensus rating of “Hold” from the five research firms that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and three have issued a buy recommendation on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $5.3333.

A number of equities analysts have issued reports on the stock. Zacks Research raised shares of BitFuFu from a “strong sell” rating to a “hold” rating in a report on Friday, July 31st. Wall Street Zen downgraded shares of BitFuFu from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of BitFuFu in a research report on Friday.

BitFuFu Stock Up 2.3%

FUFU stock opened at $1.35 on Wednesday. BitFuFu has a twelve month low of $1.26 and a twelve month high of $5.38. The company has a quick ratio of 4.16, a current ratio of 4.16 and a debt-to-equity ratio of 0.81. The stock’s 50 day moving average is $1.56 and its 200-day moving average is $2.07. The firm has a market capitalization of $224.92 million, a PE ratio of -3.07 and a beta of 0.46.

BitFuFu (NASDAQ:FUFU) last announced its quarterly earnings results on Friday, May 29th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.24). The company had revenue of $72.66 million for the quarter, compared to the consensus estimate of $93.35 million. BitFuFu had a negative return on equity of 3.81% and a negative net margin of 16.06%. Sell-side analysts expect that BitFuFu will post -0.03 EPS for the current fiscal year.

BitFuFu announced that its Board of Directors has initiated a share buyback program on Monday, June 22nd that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On BitFuFu

Hedge funds and other institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of BitFuFu by 51.3% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 247,703 shares of the company’s stock valued at $929,000 after acquiring an additional 83,984 shares during the last quarter. Vident Advisory LLC grew its stake in BitFuFu by 24.3% in the 2nd quarter. Vident Advisory LLC now owns 245,497 shares of the company’s stock valued at $793,000 after purchasing an additional 47,987 shares during the period. Vontobel Holding Ltd. increased its position in shares of BitFuFu by 12.6% during the 4th quarter. Vontobel Holding Ltd. now owns 156,986 shares of the company’s stock valued at $413,000 after purchasing an additional 17,605 shares during the last quarter. Invesco Ltd. bought a new stake in shares of BitFuFu during the 2nd quarter worth $321,000. Finally, Renaissance Technologies LLC boosted its holdings in shares of BitFuFu by 24.7% in the 4th quarter. Renaissance Technologies LLC now owns 54,000 shares of the company’s stock worth $143,000 after buying an additional 10,700 shares during the last quarter. Hedge funds and other institutional investors own 37.26% of the company’s stock.

About BitFuFu

BitFuFu Inc provides digital asset mining and cloud-mining services in Singapore. It also offers miner rental, and miner hosting and sales services to institutional customers and individual digital asset enthusiasts. The company is based in Singapore, Singapore.