BitFuFu (NASDAQ:FUFU) Shares Down 4.6% - Here's Why

Key Points

• BitFuFu Inc. (NASDAQ:FUFU) saw its stock price decrease by 4.6%, trading at $4.04 with a significant drop in trading volume compared to its average.
• Analysts have mixed views on the stock, with a consensus average price target of $6.45 and ratings ranging from "Strong Buy" to "Hold."
• The company reported $115.40 million in revenue and earnings of $0.09 per share for the last quarter, exceeding analysts' expectations.

BitFuFu Inc. (NASDAQ:FUFU - Get Free Report)'s stock price traded down 4.6% during mid-day trading on Monday . The stock traded as low as $4.05 and last traded at $4.04. 200,480 shares were traded during trading, a decline of 41% from the average session volume of 339,146 shares. The stock had previously closed at $4.23.

Analyst Upgrades and Downgrades

FUFU has been the subject of several recent analyst reports. B. Riley assumed coverage on shares of BitFuFu in a research note on Friday, July 18th. They set a "buy" rating and a $7.31 price objective for the company. Northland Capmk raised shares of BitFuFu to a "hold" rating in a research note on Wednesday, June 18th. Northland Securities initiated coverage on shares of BitFuFu in a research note on Wednesday, June 18th. They set a "market perform" rating and a $5.50 price target for the company. Zacks Research raised shares of BitFuFu from a "hold" rating to a "strong-buy" rating in a research note on Thursday, September 11th. Finally, Roth Capital initiated coverage on shares of BitFuFu in a report on Wednesday, August 13th. They set a "buy" rating and a $6.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, BitFuFu presently has an average rating of "Moderate Buy" and an average price target of $6.45.

BitFuFu Stock Down 3.7%

The company has a market capitalization of $646.75 million, a P/E ratio of 13.59 and a beta of 0.32. The firm has a 50-day moving average price of $3.80 and a two-hundred day moving average price of $3.87. 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 (NASDAQ:FUFU - Get Free Report) last announced its quarterly earnings data on Friday, August 15th. The company reported $0.09 EPS for the quarter, topping analysts' consensus estimates of $0.06 by $0.03. The firm had revenue of $115.40 million during the quarter, compared to analyst estimates 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 company earned ($0.01) earnings per share. Equities research analysts anticipate that BitFuFu Inc. will post 0.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in FUFU. Jane Street Group LLC lifted its position in shares of BitFuFu by 25.4% during the 2nd quarter. Jane Street Group LLC now owns 15,743 shares of the company's stock worth $51,000 after buying an additional 3,192 shares during the last quarter. Wedbush Securities Inc. acquired a new stake in BitFuFu during the first quarter worth approximately $50,000. Engineers Gate Manager LP bought a new position in BitFuFu in the second quarter worth approximately $36,000. Harvest Portfolios Group Inc. bought a new position in BitFuFu in the second quarter worth approximately $142,000. Finally, Vident Advisory LLC boosted its holdings in BitFuFu by 24.3% in the second quarter. Vident Advisory LLC now owns 245,497 shares of the company's stock worth $793,000 after acquiring an additional 47,987 shares in the last quarter. 37.26% of the stock is owned by institutional investors and hedge funds.

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.