BitFuFu Inc. (NASDAQ:FUFU) Sees Large Growth in Short Interest

Key Points

• BitFuFu Inc. experienced a **29.1% increase** in short interest, with a total of **332,900 shares** sold short as of August 15th, compared to **257,800 shares** at the end of July.
• The company reported **$115.40 million** in revenue for the quarter, exceeding analysts' expectations of **$101.60 million**, and achieved an **earnings per share (EPS)** of **$0.09**, surpassing the consensus estimate of **$0.06**.
• Equities research analysts have a consensus **rating of "Moderate Buy"** for BitFuFu, with an average price target of **$6.45**, whereas HC Wainwright set a specific target of **$7.00**.

BitFuFu Inc. (NASDAQ:FUFU - Get Free Report) saw a large increase in short interest during the month of August. As of August 15th, there was short interest totaling 332,900 shares, an increase of 29.1% from the July 31st total of 257,800 shares. Based on an average daily volume of 516,000 shares, the short-interest ratio is presently 0.6 days. Approximately 2.1% of the shares of the stock are sold short. Approximately 2.1% of the shares of the stock are sold short. Based on an average daily volume of 516,000 shares, the short-interest ratio is presently 0.6 days.

Institutional Trading of BitFuFu

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wedbush Securities Inc. bought a new position in BitFuFu in the 1st quarter valued at approximately $50,000. Vident Advisory LLC bought a new position in BitFuFu in the 1st quarter valued at approximately $905,000. Jane Street Group LLC bought a new position in BitFuFu in the 1st quarter valued at approximately $57,000. Harvest Portfolios Group Inc. bought a new position in BitFuFu in the 2nd quarter valued at approximately $142,000. Finally, Invesco Ltd. bought a new position in BitFuFu in the 2nd quarter valued at approximately $321,000. Hedge funds and other institutional investors own 37.26% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on FUFU shares. HC Wainwright reiterated a "buy" rating and issued a $7.00 price target on shares of BitFuFu in a research report on Tuesday, August 19th. Wall Street Zen raised BitFuFu from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Northland Securities began coverage on BitFuFu in a research note on Wednesday, June 18th. They set a "market perform" rating and a $5.50 price target on the stock. Northland Capmk raised BitFuFu to a "hold" rating in a research note on Wednesday, June 18th. Finally, Roth Capital assumed coverage on BitFuFu in a report on Wednesday, August 13th. They issued a "buy" rating and a $6.00 target price for the company. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $6.45.

BitFuFu Trading Up 1.4%

Shares of FUFU traded up $0.05 during trading hours on Tuesday, hitting $3.61. The company had a trading volume of 188,348 shares, compared to its average volume of 330,609. The firm has a market cap of $592.58 million, a P/E ratio of 12.45 and a beta of 0.32. The stock's 50 day moving average price is $3.72 and its 200 day moving average price is $3.90. The company has a quick ratio of 2.96, a current ratio of 2.97 and a debt-to-equity ratio of 0.70. BitFuFu has a 52-week low of $2.91 and a 52-week high of $6.24.

BitFuFu (NASDAQ:FUFU - Get Free Report) last posted its earnings results on Friday, August 15th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.03. The company had revenue of $115.40 million for the quarter, compared to analysts' expectations of $101.60 million. BitFuFu had a return on equity of 10.33% and a net margin of 12.44%.During the same period last year, the firm earned ($0.01) earnings per share. On average, research analysts predict that BitFuFu will post 0.17 EPS for the current year.

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.

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