BitFuFu (NASDAQ:FUFU) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded BitFuFu from a "strong sell" to a "hold," and the broker consensus remains an overall Hold with an average target price of $5.38.
• BitFuFu missed the quarter with a loss of $0.20 per share and revenue of $91.8M (below estimates); the stock opened at $2.19 (down 3.5%) and has a 12‑month range of $1.56–$5.38, highlighting weak profitability.
• About 37.3% of the stock is held by institutional investors, with several hedge funds recently initiating or increasing positions in the company.

BitFuFu (NASDAQ:FUFU - Get Free Report) was upgraded by investment analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Monday,Zacks.com reports.

A number of other analysts have also recently weighed in on the company. HC Wainwright decreased their price objective on BitFuFu from $7.00 to $4.00 and set a "buy" rating for the company in a research report on Monday, March 23rd. Wall Street Zen cut BitFuFu from a "hold" rating to a "sell" rating in a report on Saturday, March 28th. Finally, Weiss Ratings reissued a "sell (d+)" rating on shares of BitFuFu in a report on Monday. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, BitFuFu currently has an average rating of "Hold" and an average target price of $5.38.

BitFuFu Stock Down 3.5%

BitFuFu stock opened at $2.19 on Monday. BitFuFu has a twelve month low of $1.56 and a twelve month high of $5.38. The stock has a 50 day moving average of $2.24 and a two-hundred day moving average of $2.78. The company has a current ratio of 2.94, a quick ratio of 2.93 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $364.59 million, a price-to-earnings ratio of -6.44 and a beta of 0.42.

BitFuFu (NASDAQ:FUFU - Get Free Report) last posted its quarterly earnings data on Friday, March 20th. The company reported ($0.20) earnings per share for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.18). BitFuFu had a negative return on equity of 13.82% and a negative net margin of 12.06%.The company had revenue of $91.80 million for the quarter, compared to analyst estimates of $105.15 million. As a group, research analysts expect that BitFuFu will post 0.06 earnings per share for the current year.

Institutional Trading of BitFuFu

Several hedge funds have recently modified their holdings of FUFU. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of BitFuFu in the 2nd quarter valued at approximately $529,000. Vontobel Holding Ltd. acquired a new stake in shares of BitFuFu in the 3rd quarter valued at approximately $521,000. Invesco Ltd. purchased a new position in BitFuFu in the 2nd quarter valued at approximately $321,000. Harvest Portfolios Group Inc. increased its stake in BitFuFu by 153.9% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 111,987 shares of the company's stock valued at $420,000 after purchasing an additional 67,882 shares in the last quarter. Finally, Vident Advisory LLC increased its stake in BitFuFu by 24.3% in the 2nd quarter. Vident Advisory LLC now owns 245,497 shares of the company's stock valued at $793,000 after purchasing an additional 47,987 shares in the last quarter. 37.26% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.