BitFuFu (NASDAQ:FUFU) Sets New 1-Year Low – Time to Sell?

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

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Zacks Research raised BitFuFu from a “hold” rating to a “strong-buy” rating in a research note on Monday. B. Riley assumed coverage on shares of BitFuFu in a research report on Friday, July 18th. They issued a “buy” rating and a $7.31 target price on the stock. Weiss Ratings restated a “sell (d+)” rating on shares of BitFuFu in a report on Wednesday, October 8th. Roth Capital started coverage on shares of BitFuFu in a research report on Wednesday, August 13th. They set a “buy” rating and a $6.00 price target for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of BitFuFu in a report on Tuesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $6.45.

BitFuFu Stock Down 8.5%

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 firm has a market capitalization of $479.32 million, a price-to-earnings ratio of 10.07 and a beta of 0.31. The firm has a 50 day moving average price of $3.65 and a two-hundred day moving average price of $3.62.

BitFuFu (NASDAQ:FUFU) last posted its earnings results on Friday, August 15th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.03. The firm 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 prior year, the company earned ($0.01) EPS. On average, equities analysts expect that BitFuFu Inc. will post 0.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On BitFuFu

Hedge funds and other institutional investors have recently made changes to their positions in the business. Engineers Gate Manager LP purchased a new stake in BitFuFu during the 2nd quarter worth $36,000. Wedbush Securities Inc. acquired a new position in shares of BitFuFu during the first quarter worth about $50,000. Jane Street Group LLC boosted its position in shares of BitFuFu by 25.4% in the second quarter. Jane Street Group LLC now owns 15,743 shares of the company’s stock worth $51,000 after buying an additional 3,192 shares during the period. Harvest Portfolios Group Inc. purchased a new stake in shares of BitFuFu in the second quarter worth about $142,000. Finally, Invesco Ltd. acquired a new stake in shares of BitFuFu in the second quarter valued at about $321,000. 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.