BitFuFu (NASDAQ:FUFU) Stock Price Down 5.3% - Here's Why

BitFuFu Inc. (NASDAQ:FUFU - Get Free Report) shares dropped 5.3% on Tuesday . The stock traded as low as $3.55 and last traded at $3.57. Approximately 39,933 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 208,501 shares. The stock had previously closed at $3.77.

Wall Street Analyst Weigh In

FUFU has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of BitFuFu from a "sell" rating to a "hold" rating in a research note on Friday. B. Riley initiated coverage on shares of BitFuFu in a research report on Friday. They set a "buy" rating and a $7.31 target price for the company. Northland Securities initiated coverage on shares of BitFuFu in a research report on Wednesday, June 18th. They set a "market perform" rating and a $5.50 target price for the company. Northland Capmk upgraded shares of BitFuFu to a "hold" rating in a research report on Wednesday, June 18th. Finally, HC Wainwright restated a "buy" rating and set a $7.00 target price on shares of BitFuFu in a research report on Friday, June 6th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $6.60.

BitFuFu Stock Up 10.6%

The company has a debt-to-equity ratio of 0.94, a current ratio of 3.03 and a quick ratio of 3.02. The business's fifty day simple moving average is $3.51 and its two-hundred day simple moving average is $4.27. The company has a market cap of $699.74 million, a PE ratio of 214.61 and a beta of 0.30.

BitFuFu (NASDAQ:FUFU - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The company reported ($0.10) earnings per share for the quarter, missing analysts' consensus estimates of $0.04 by ($0.14). BitFuFu had a net margin of 0.46% and a return on equity of 1.34%. The firm had revenue of $99.82 million during the quarter, compared to analysts' expectations of $114.03 million. On average, analysts predict that BitFuFu Inc. will post 0.17 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FUFU. Prospect Financial Group LLC purchased a new stake in shares of BitFuFu during the fourth quarter worth about $50,000. WINTON GROUP Ltd purchased a new stake in shares of BitFuFu during the fourth quarter worth about $83,000. OLD Mission Capital LLC purchased a new stake in shares of BitFuFu during the fourth quarter worth about $67,000. Wedbush Securities Inc. purchased a new stake in shares of BitFuFu during the first quarter worth about $50,000. Finally, Vident Advisory LLC acquired a new position in BitFuFu during the first quarter worth about $905,000. Hedge funds and other institutional investors 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.