BitFuFu (NASDAQ:FUFU) Upgraded to Strong-Buy at Zacks Research

Key Points

• BitFuFu was upgraded from a "hold" rating to a "strong-buy" rating by equities research analysts at Zacks Research, indicating increased confidence in the stock's performance.
• The company has a market capitalization of $694.37 million and reported earnings per share (EPS) of $0.09 for the last quarter, exceeding expectations and demonstrating positive revenue growth.
• BitFuFu's stock has a 1 year price range, with a low of $2.91 and a high of $6.24, reflecting significant volatility and potential for growth in its market segment.

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

Other research analysts have also recently issued reports about the stock. B. Riley assumed coverage on shares of BitFuFu in a research report on Friday, July 18th. They set a "buy" rating and a $7.31 price target on the stock. Wall Street Zen raised shares of BitFuFu from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Northland Capmk raised shares of BitFuFu to a "hold" rating in a research report on Wednesday, June 18th. Roth Capital assumed coverage on shares of BitFuFu in a research report on Wednesday, August 13th. They set a "buy" rating and a $6.00 price target on the stock. Finally, Northland Securities assumed coverage on shares of BitFuFu in a research report on Wednesday, June 18th. They set a "market perform" rating and a $5.50 price target on the stock. One equities 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. Based on data from MarketBeat.com, BitFuFu has an average rating of "Moderate Buy" and an average price target of $6.45.

BitFuFu Price Performance

BitFuFu stock opened at $4.23 on Thursday. BitFuFu has a 1 year low of $2.91 and a 1 year high of $6.24. The firm has a 50 day moving average price of $3.77 and a 200 day moving average price of $3.89. The company has a market cap of $694.37 million, a price-to-earnings ratio of 14.59 and a beta of 0.32. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.96 and a current ratio of 2.97.

BitFuFu (NASDAQ:FUFU - Get Free Report) last released its earnings results on Friday, August 15th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.06 by $0.03. The firm had revenue of $115.40 million during the quarter, compared to the consensus estimate of $101.60 million. BitFuFu had a net margin of 12.44% and a return on equity of 10.33%. During the same period in the previous year, the firm earned ($0.01) earnings per share. Sell-side analysts predict that BitFuFu will post 0.17 earnings per share for the current year.

Institutional Trading of BitFuFu

Several institutional investors have recently added to or reduced their stakes in the stock. Wedbush Securities Inc. acquired a new stake in shares of BitFuFu during the first quarter worth $50,000. Vident Advisory LLC acquired a new position in BitFuFu during the 1st quarter valued at about $905,000. Jane Street Group LLC acquired a new position in BitFuFu during the 1st quarter valued at about $57,000. Harvest Portfolios Group Inc. acquired a new position in BitFuFu during the 2nd quarter valued at about $142,000. Finally, Invesco Ltd. acquired a new position in BitFuFu during the 2nd quarter valued at about $321,000. 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.

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