BitFuFu (NASDAQ:FUFU) to Repurchase $0.00 in Outstanding Stock

BitFuFu (NASDAQ:FUFU) announced that its board has approved a share repurchase program on Monday, June 22nd, RTT News reports. The company plans to repurchase $0.00 in shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

BitFuFu Stock Down 1.2%

FUFU stock traded down $0.02 during midday trading on Monday, reaching $1.68. 411,971 shares of the company’s stock traded hands, compared to its average volume of 272,081. The company has a market cap of $279.90 million, a price-to-earnings ratio of -3.82 and a beta of 0.42. The firm’s fifty day moving average price is $2.03 and its 200-day moving average price is $2.38. The company has a quick ratio of 4.16, a current ratio of 4.16 and a debt-to-equity ratio of 0.81. BitFuFu has a 52 week low of $1.56 and a 52 week high of $5.38.

BitFuFu (NASDAQ:FUFU) last released its quarterly earnings data on Saturday, March 21st. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.18). The business had revenue of $103.42 million for the quarter, compared to analyst estimates of $105.15 million. BitFuFu had a negative return on equity of 3.81% and a negative net margin of 16.06%. As a group, sell-side analysts forecast that BitFuFu will post 0.11 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on FUFU shares. Weiss Ratings downgraded shares of BitFuFu from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, May 4th. Wall Street Zen downgraded BitFuFu from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. HC Wainwright decreased their target price on BitFuFu from $7.00 to $4.00 and set a “buy” rating for the company in a research report on Monday, March 23rd. Finally, Zacks Research downgraded BitFuFu from a “hold” rating to a “strong sell” rating in a research note on Friday, May 22nd. Three investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, BitFuFu presently has a consensus rating of “Hold” and a consensus target price of $5.33.

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.