BitFuFu (NASDAQ:FUFU) Sets New 12-Month Low – What’s Next?

BitFuFu Inc. (NASDAQ:FUFU) reached a new 52-week low during trading on Thursday . The company traded as low as $2.86 and last traded at $2.92, with a volume of 5224985 shares traded. The stock had previously closed at $3.19.

Wall Street Analysts Forecast Growth

FUFU has been the subject of several analyst reports. Zacks Research upgraded shares of BitFuFu from a “hold” rating to a “strong-buy” rating in a research note on Monday. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of BitFuFu in a research note on Tuesday, August 19th. Weiss Ratings reissued a “sell (d+)” rating on shares of BitFuFu in a research report on Wednesday, October 8th. Roth Capital began coverage on BitFuFu in a research note on Wednesday, August 13th. They set a “buy” rating and a $6.00 target price for the company. Finally, B. Riley initiated coverage on BitFuFu in a research report on Friday, July 18th. They set a “buy” rating and a $7.31 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $6.45.

BitFuFu Stock Down 8.5%

The stock has a market capitalization of $479.32 million, a P/E ratio of 10.07 and a beta of 0.31. The company has a current ratio of 2.97, a quick ratio of 2.96 and a debt-to-equity ratio of 0.70. The stock’s 50 day simple moving average is $3.65 and its 200 day simple moving average is $3.62.

BitFuFu (NASDAQ:FUFU) last released its earnings results on Friday, August 15th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.03. The company had revenue of $115.40 million during the quarter, compared to the consensus estimate of $101.60 million. BitFuFu had a net margin of 12.44% and a return on equity of 10.33%. During the same quarter in the previous year, the firm earned ($0.01) EPS. As a group, research analysts predict that BitFuFu Inc. will post 0.17 EPS for the current fiscal year.

Institutional Trading of BitFuFu

Several institutional investors and hedge funds have recently bought and sold shares of FUFU. Vident Advisory LLC bought a new position in BitFuFu during the 1st quarter worth approximately $905,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of BitFuFu in the 2nd quarter valued at approximately $529,000. Vontobel Holding Ltd. acquired a new stake in shares of BitFuFu during the 3rd quarter valued at approximately $521,000. Invesco Ltd. acquired a new stake in shares of BitFuFu during the 2nd quarter valued at approximately $321,000. Finally, Harvest Portfolios Group Inc. lifted its stake in BitFuFu by 153.9% during the third quarter. Harvest Portfolios Group Inc. now owns 111,987 shares of the company’s stock worth $420,000 after purchasing an additional 67,882 shares during the last quarter. Institutional investors and hedge funds own 37.26% of the company’s stock.

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.