BitFuFu (NASDAQ:FUFU) Receives “Buy” Rating from HC Wainwright

BitFuFu (NASDAQ:FUFU)‘s stock had its “buy” rating restated by stock analysts at HC Wainwright in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $7.00 target price on the stock. HC Wainwright’s price objective would suggest a potential upside of 130.26% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on the stock. Roth Capital initiated 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. B. Riley started coverage on shares of BitFuFu in a research report on Friday, July 18th. They set a “buy” rating and a $7.31 target price on the stock. Wall Street Zen upgraded shares of BitFuFu from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. Zacks Research raised BitFuFu from a “hold” rating to a “strong-buy” rating in a research report on Monday. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of BitFuFu in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, BitFuFu has a consensus rating of “Moderate Buy” and an average price target of $6.45.

BitFuFu Trading Up 4.1%

Shares of NASDAQ FUFU traded up $0.12 during midday trading on Thursday, reaching $3.04. 119,749 shares of the stock were exchanged, compared to its average volume of 333,204. The company has a 50 day simple moving average of $3.65 and a 200 day simple moving average of $3.62. BitFuFu has a twelve month low of $2.86 and a twelve month high of $6.24. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.96 and a current ratio of 2.97. The stock has a market capitalization of $499.02 million, a P/E ratio of 10.45 and a beta of 0.31.

BitFuFu (NASDAQ:FUFU) last posted its earnings results on Wednesday, November 12th. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.03. BitFuFu had a return on equity of 10.33% and a net margin of 12.44%.The firm had revenue of $180.67 million for the quarter, compared to analyst estimates of $130.17 million. As a group, equities analysts expect that BitFuFu will post 0.17 earnings per share for the current year.

Hedge Funds Weigh In On BitFuFu

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vident Advisory LLC raised its holdings in shares of BitFuFu by 24.3% in the 2nd quarter. Vident Advisory LLC now owns 245,497 shares of the company’s stock valued at $793,000 after purchasing an additional 47,987 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of BitFuFu during the 2nd quarter worth about $529,000. Vontobel Holding Ltd. purchased a new position in shares of BitFuFu in the 3rd quarter valued at about $521,000. Harvest Portfolios Group Inc. raised its position in shares of BitFuFu by 153.9% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 111,987 shares of the company’s stock worth $420,000 after acquiring an additional 67,882 shares in the last quarter. Finally, Invesco Ltd. purchased a new stake in BitFuFu during the second quarter worth approximately $321,000. 37.26% of the stock is currently owned by hedge funds and other institutional investors.

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.