BitFuFu (NASDAQ:FUFU) Shares Down 6.2% - Should You Sell?

Key Points

• BitFuFu Inc. shares fell by 6.2% during trading, closing at $3.72, significantly below the average session volume with only 137,180 shares traded.
• Analysts have mixed ratings for BitFuFu, with one analyst rating it as a Strong Buy and an average price target of $6.45, indicating potential upside.
• In the latest quarterly earnings report, BitFuFu exceeded expectations with $0.09 EPS and revenue of $115.40 million, surpassing analyst forecasts.

BitFuFu Inc. (NASDAQ:FUFU - Get Free Report) fell 6.2% during trading on Tuesday . The company traded as low as $3.70 and last traded at $3.72. 137,180 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 337,655 shares. The stock had previously closed at $3.96.

Analysts Set New Price Targets

A number of brokerages have issued reports on FUFU. Northland Capmk upgraded shares of BitFuFu to a "hold" rating in a research note on Wednesday, June 18th. Wall Street Zen upgraded shares of BitFuFu from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Roth Capital started coverage on shares of BitFuFu in a research note on Wednesday, August 13th. They set a "buy" rating and a $6.00 target price on the stock. Northland Securities started coverage on shares of BitFuFu in a research note on Wednesday, June 18th. They set a "market perform" rating and a $5.50 target price on the stock. Finally, Zacks Research upgraded shares of BitFuFu from a "hold" rating to a "strong-buy" rating in a research note on Thursday, September 11th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $6.45.

BitFuFu Trading Down 8.1%

The company has a quick ratio of 2.96, a current ratio of 2.97 and a debt-to-equity ratio of 0.70. The company has a fifty day moving average of $3.81 and a two-hundred day moving average of $3.84. The stock has a market capitalization of $597.51 million, a price-to-earnings ratio of 12.55 and a beta of 0.32.

BitFuFu (NASDAQ:FUFU - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $115.40 million during 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 quarter in the prior year, the business posted ($0.01) earnings per share. On average, research analysts expect that BitFuFu Inc. will post 0.17 EPS for the current year.

Institutional Trading of BitFuFu

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vident Advisory LLC increased its position in BitFuFu by 24.3% during the 2nd quarter. Vident Advisory LLC now owns 245,497 shares of the company's stock worth $793,000 after purchasing an additional 47,987 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in BitFuFu in the 2nd quarter valued at about $529,000. Invesco Ltd. purchased a new stake in BitFuFu in the 2nd quarter valued at about $321,000. Harvest Portfolios Group Inc. purchased a new stake in BitFuFu in the 2nd quarter valued at about $142,000. Finally, Jane Street Group LLC grew its holdings in BitFuFu by 25.4% in the 2nd quarter. Jane Street Group LLC now owns 15,743 shares of the company's stock valued at $51,000 after buying an additional 3,192 shares during the period. Hedge funds and other institutional investors own 37.26% of the company's stock.

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.

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