BitFuFu (NASDAQ:FUFU) Shares Gap Up - Here's Why

Shares of BitFuFu Inc. (NASDAQ:FUFU - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $3.63, but opened at $3.79. BitFuFu shares last traded at $3.68, with a volume of 18,994 shares changing hands.

Analyst Upgrades and Downgrades

FUFU has been the subject of a number of recent analyst reports. Northland Securities assumed coverage on BitFuFu in a report on Wednesday, June 18th. They set a "market perform" rating and a $5.50 target price for the company. HC Wainwright reiterated a "buy" rating and set a $7.00 price target on shares of BitFuFu in a research report on Friday, June 6th. B. Riley assumed coverage on BitFuFu in a research report on Friday. They set a "buy" rating and a $7.31 price target for the company. Wall Street Zen upgraded BitFuFu from a "sell" rating to a "hold" rating in a research report on Friday. Finally, Northland Capmk upgraded BitFuFu to a "hold" rating in a research report on Wednesday, June 18th. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, BitFuFu currently has an average rating of "Moderate Buy" and an average target price of $6.60.

BitFuFu Stock Up 10.6%

The stock has a 50-day moving average of $3.51 and a two-hundred day moving average of $4.26. The company has a market cap of $699.73 million, a P/E ratio of 214.61 and a beta of 0.30. The company has a debt-to-equity ratio of 0.94, a quick ratio of 3.02 and a current ratio of 3.03.

BitFuFu (NASDAQ:FUFU - Get Free Report) last released its earnings results 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). The firm had revenue of $99.82 million during the quarter, compared to the consensus estimate of $114.03 million. BitFuFu had a return on equity of 1.34% and a net margin of 0.46%. On average, research analysts anticipate that BitFuFu Inc. will post 0.17 EPS for the current fiscal year.

Hedge Funds Weigh In On BitFuFu

A number of large investors have recently bought and sold shares of the stock. Prospect Financial Group LLC purchased a new position in shares of BitFuFu during the fourth quarter valued at approximately $50,000. WINTON GROUP Ltd purchased a new position in shares of BitFuFu during the fourth quarter valued at approximately $83,000. OLD Mission Capital LLC purchased a new position in shares of BitFuFu during the fourth quarter valued at approximately $67,000. Wedbush Securities Inc. purchased a new position in shares of BitFuFu during the first quarter valued at approximately $50,000. Finally, Vident Advisory LLC purchased a new position in shares of BitFuFu during the first quarter valued at approximately $905,000. 37.26% of the stock is owned by hedge funds and other institutional investors.

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.