BitFuFu Inc. (NASDAQ:FUFU) Short Interest Down 28.7% in March

BitFuFu Inc. (NASDAQ:FUFU) was the recipient of a significant drop in short interest during the month of March. As of March 13th, there was short interest totaling 113,479 shares, a drop of 28.7% from the February 26th total of 159,124 shares. Approximately 0.1% of the company’s stock are sold short. Based on an average daily volume of 104,625 shares, the short-interest ratio is currently 1.1 days.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. HC Wainwright cut their price target on BitFuFu from $7.00 to $4.00 and set a “buy” rating for the company in a research note on Monday, March 23rd. Wall Street Zen cut BitFuFu from a “hold” rating to a “sell” rating in a research note on Saturday. Weiss Ratings restated a “sell (d+)” rating on shares of BitFuFu in a report on Wednesday, January 21st. Finally, Zacks Research lowered shares of BitFuFu from a “hold” rating to a “strong sell” rating in a research report on Friday, March 20th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $5.38.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FUFU. Invesco Ltd. boosted its holdings in BitFuFu by 26.8% during the fourth quarter. Invesco Ltd. now owns 89,736 shares of the company’s stock valued at $237,000 after acquiring an additional 18,967 shares during the period. Vident Advisory LLC increased its stake in shares of BitFuFu by 17.3% in the fourth quarter. Vident Advisory LLC now owns 223,893 shares of the company’s stock worth $591,000 after purchasing an additional 33,052 shares during the period. Boothbay Fund Management LLC acquired a new position in shares of BitFuFu during the 4th quarter worth about $31,000. RPO LLC acquired a new position in shares of BitFuFu during the 4th quarter worth about $61,000. Finally, Vontobel Holding Ltd. boosted its stake in 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 period. Institutional investors and hedge funds own 37.26% of the company’s stock.

BitFuFu Price Performance

Shares of FUFU stock traded down $0.01 on Friday, hitting $1.89. The company’s stock had a trading volume of 78,056 shares, compared to its average volume of 159,723. BitFuFu has a fifty-two week low of $1.56 and a fifty-two week high of $5.38. The firm’s fifty day moving average price is $2.51 and its 200-day moving average price is $3.00. The company has a quick ratio of 2.58, a current ratio of 2.94 and a debt-to-equity ratio of 0.77.

BitFuFu (NASDAQ:FUFU) last posted its earnings results on Friday, March 20th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.18). BitFuFu had a negative return on equity of 13.82% and a negative net margin of 12.06%.The business had revenue of $91.80 million for the quarter, compared to analyst estimates of $105.15 million. On average, analysts anticipate that BitFuFu will post 0.17 EPS for the current fiscal year.

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.