BitFuFu Inc. (NASDAQ:FUFU) Given Average Recommendation of “Hold” by Brokerages

BitFuFu Inc. (NASDAQ:FUFU) has been given a consensus rating of “Hold” by the five analysts that are presently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation and three have issued a buy recommendation on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $5.3333.

Several research analysts have recently weighed in on FUFU shares. Weiss Ratings lowered BitFuFu from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday, May 4th. Zacks Research lowered BitFuFu from a “hold” rating to a “strong sell” rating in a research report on Friday, May 22nd. Finally, Wall Street Zen cut BitFuFu from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th.

Hedge Funds Weigh In On BitFuFu

A number of institutional investors and hedge funds have recently modified their holdings of the business. Jane Street Group LLC increased its stake in shares of BitFuFu by 25.4% in the 2nd quarter. Jane Street Group LLC now owns 15,743 shares of the company’s stock valued at $51,000 after acquiring an additional 3,192 shares in the last quarter. Renaissance Technologies LLC boosted its stake in BitFuFu by 24.7% during the fourth quarter. Renaissance Technologies LLC now owns 54,000 shares of the company’s stock worth $143,000 after acquiring an additional 10,700 shares in the last quarter. Engineers Gate Manager LP bought a new position in BitFuFu during the second quarter worth $36,000. Boothbay Fund Management LLC acquired a new stake in BitFuFu in the fourth quarter worth $31,000. Finally, Prelude Capital Management LLC acquired a new stake in BitFuFu in the third quarter worth $48,000. 37.26% of the stock is currently owned by institutional investors.

BitFuFu Stock Performance

FUFU opened at $1.40 on Wednesday. BitFuFu has a twelve month low of $1.26 and a twelve month high of $5.38. The company has a fifty day moving average of $1.59 and a 200-day moving average of $2.10. The stock has a market cap of $233.26 million, a PE ratio of -3.18 and a beta of 0.46. 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 (NASDAQ:FUFU) last released its 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 firm had revenue of $72.66 million during the quarter, compared to analyst estimates of $93.35 million. BitFuFu had a negative net margin of 16.06% and a negative return on equity of 3.81%. On average, sell-side analysts predict that BitFuFu will post -0.03 EPS for the current year.

BitFuFu declared that its Board of Directors has initiated a stock buyback plan on Monday, June 22nd that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

BitFuFu Company Profile

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.