BitFuFu (NASDAQ:FUFU) Trading Down 3.2% - Here's Why

BitFuFu Inc. (NASDAQ:FUFU - Get Free Report) shares traded down 3.2% on Thursday . The stock traded as low as $3.15 and last traded at $3.18. 107,075 shares changed hands during trading, a decline of 49% from the average session volume of 210,548 shares. The stock had previously closed at $3.28.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Northland Securities assumed coverage on shares of BitFuFu in a research note on Wednesday, June 18th. They set a "market perform" rating and a $5.50 price objective on the stock. Northland Capmk upgraded shares of BitFuFu to a "hold" rating in a research note on Wednesday, June 18th. Wall Street Zen lowered shares of BitFuFu from a "hold" rating to a "sell" rating in a research note on Friday. Finally, HC Wainwright restated a "buy" rating and issued a $7.00 price target on shares of BitFuFu in a research note on Friday, June 6th.

BitFuFu Stock Down 2.5%

The firm's 50 day simple moving average is $3.53 and its 200 day simple moving average is $4.42. The company has a market cap of $500.75 million, a price-to-earnings ratio of 153.25 and a beta of 0.33. The company has a quick ratio of 3.02, a current ratio of 3.03 and a debt-to-equity ratio of 0.94.

BitFuFu (NASDAQ:FUFU - Get Free Report) last announced its quarterly earnings results on Thursday, June 5th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate 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 analyst estimates of $114.03 million. Sell-side analysts anticipate that BitFuFu Inc. will post 0.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Prospect Financial Group LLC acquired a new position in shares of BitFuFu during the fourth quarter valued at approximately $50,000. Wedbush Securities Inc. acquired a new position in shares of BitFuFu during the first quarter valued at approximately $50,000. Jane Street Group LLC acquired a new position in shares of BitFuFu during the first quarter valued at approximately $57,000. OLD Mission Capital LLC acquired a new position in shares of BitFuFu during the fourth quarter valued at approximately $67,000. Finally, WINTON GROUP Ltd acquired a new position in shares of BitFuFu during the fourth quarter valued at approximately $83,000. Institutional investors and hedge funds 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.