BitFuFu Inc. (NASDAQ:FUFU) Receives Average Recommendation of “Hold” from Analysts

Shares of BitFuFu Inc. (NASDAQ:FUFU) have been assigned a consensus recommendation of “Hold” from the five ratings firms that are currently covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating and three have given a buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $5.3333.

FUFU has been the topic of a number of recent research reports. HC Wainwright cut their target price on shares of BitFuFu from $7.00 to $4.00 and set a “buy” rating on the stock in a research note on Monday, March 23rd. Wall Street Zen cut shares of BitFuFu from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Zacks Research downgraded shares of BitFuFu from a “hold” rating to a “strong sell” rating in a research report on Friday, May 22nd. Finally, Weiss Ratings lowered shares of BitFuFu from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, May 4th.

BitFuFu Price Performance

FUFU stock opened at $1.39 on Friday. The business’s 50-day moving average is $1.88 and its two-hundred day moving average is $2.29. The company has a debt-to-equity ratio of 0.81, a current ratio of 4.16 and a quick ratio of 4.16. The firm has a market capitalization of $231.59 million, a P/E ratio of -3.16 and a beta of 0.46. BitFuFu has a 1 year low of $1.31 and a 1 year high of $5.38.

BitFuFu declared that its board has approved a stock repurchase plan on Monday, June 22nd that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Engineers Gate Manager LP purchased a new position in shares of BitFuFu in the 2nd quarter valued at about $36,000. Boothbay Fund Management LLC acquired a new position in BitFuFu in the fourth quarter valued at approximately $31,000. Jane Street Group LLC purchased a new position in BitFuFu in the first quarter valued at approximately $57,000. Prelude Capital Management LLC purchased a new position in BitFuFu in the third quarter valued at approximately $48,000. Finally, Squarepoint Ops LLC acquired a new stake in BitFuFu during the third quarter worth approximately $48,000. 37.26% of the stock is owned by institutional investors and hedge funds.

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.