Zacks Research Upgrades BitFuFu (NASDAQ:FUFU) to “Hold”
by Sarita Garza · The Markets DailyBitFuFu (NASDAQ:FUFU – Get Free Report) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.
A number of other brokerages have also recently commented on FUFU. HC Wainwright lowered 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. Weiss Ratings restated a “sell (d+)” rating on shares of BitFuFu in a report on Monday. Finally, Wall Street Zen downgraded shares of BitFuFu from a “hold” rating to a “sell” rating in a research note on Saturday, March 28th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $5.38.
BitFuFu Trading Up 4.3%
Shares of BitFuFu stock traded up $0.10 during trading on Monday, reaching $2.29. 128,073 shares of the company were exchanged, compared to its average volume of 137,630. The business has a 50-day moving average price of $2.24 and a 200-day moving average price of $2.78. The firm has a market capitalization of $380.41 million, a price-to-earnings ratio of -6.77 and a beta of 0.42. The company has a quick ratio of 2.93, a current ratio of 2.94 and a debt-to-equity ratio of 0.77. BitFuFu has a twelve month low of $1.56 and a twelve month high of $5.38.
BitFuFu (NASDAQ:FUFU – Get Free Report) last released its earnings results on Friday, March 20th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.18). BitFuFu had a negative net margin of 12.06% and a negative return on equity of 13.82%. The company had revenue of $91.80 million during the quarter, compared to analyst estimates of $105.15 million. Sell-side analysts anticipate that BitFuFu will post 0.06 EPS for the current fiscal year.
Hedge Funds Weigh In On BitFuFu
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. raised its stake in shares of BitFuFu by 26.8% in the 4th quarter. Invesco Ltd. now owns 89,736 shares of the company’s stock valued at $237,000 after purchasing an additional 18,967 shares during the period. Vident Advisory LLC grew its holdings in shares of BitFuFu by 17.3% during the fourth quarter. Vident Advisory LLC now owns 223,893 shares of the company’s stock worth $591,000 after buying an additional 33,052 shares in the last quarter. Boothbay Fund Management LLC bought a new position in shares of BitFuFu during the fourth quarter worth about $31,000. RPO LLC acquired a new stake in BitFuFu in the 4th quarter valued at approximately $61,000. Finally, Vontobel Holding Ltd. lifted its stake in BitFuFu by 12.6% in the 4th quarter. Vontobel Holding Ltd. now owns 156,986 shares of the company’s stock valued at $413,000 after acquiring an additional 17,605 shares in the last quarter. 37.26% of the stock is owned by institutional investors and hedge funds.
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.