Analysts Set BitFuFu Inc. (NASDAQ:FUFU) Price Target at $5.33

BitFuFu Inc. (NASDAQ:FUFU) has earned an average rating of “Hold” from the five analysts that are covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation and three have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $5.3333.

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

Hedge Funds Weigh In On BitFuFu

Several hedge funds and other institutional investors have recently modified their holdings of FUFU. Vident Advisory LLC raised its position in BitFuFu by 17.3% during the 4th quarter. Vident Advisory LLC now owns 223,893 shares of the company’s stock valued at $591,000 after purchasing an additional 33,052 shares during the last quarter. RPO LLC bought a new stake in shares of BitFuFu in the 4th quarter worth approximately $61,000. Vontobel Holding Ltd. grew its position in shares of BitFuFu by 12.6% in the 4th quarter. Vontobel Holding Ltd. now owns 156,986 shares of the company’s stock worth $413,000 after buying an additional 17,605 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of BitFuFu by 24.7% during the fourth quarter. Renaissance Technologies LLC now owns 54,000 shares of the company’s stock valued at $143,000 after buying an additional 10,700 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of BitFuFu during the second quarter valued at approximately $529,000. 37.26% of the stock is owned by institutional investors.

BitFuFu Stock Performance

NASDAQ FUFU opened at $1.40 on Wednesday. The company has a 50-day simple moving average of $1.59 and a two-hundred day simple moving average of $2.11. 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 12-month low of $1.26 and a 12-month high of $5.38. The firm has a market cap of $233.25 million, a price-to-earnings ratio of -3.18 and a beta of 0.46.

BitFuFu (NASDAQ:FUFU) last released its quarterly earnings data on Friday, May 29th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.24). BitFuFu had a negative return on equity of 3.81% and a negative net margin of 16.06%.The company had revenue of $72.66 million during the quarter, compared to analysts’ expectations of $93.35 million. On average, equities analysts forecast that BitFuFu will post -0.03 EPS for the current year.

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

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.