HC Wainwright Reiterates Buy Rating for BitFuFu (NASDAQ:FUFU)

Key Points

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BitFuFu (NASDAQ:FUFU - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at HC Wainwright in a note issued to investors on Tuesday,Benzinga reports. They currently have a $7.00 price target on the stock. HC Wainwright's price target would indicate a potential upside of 101.73% from the company's previous close.

FUFU has been the topic of a number of other research reports. B. Riley initiated coverage on shares of BitFuFu in a research note on Friday, July 18th. They set a "buy" rating and a $7.31 price objective on the stock. Roth Capital initiated coverage on shares of BitFuFu in a research note on Wednesday, August 13th. They set a "buy" rating and a $6.00 price objective on the stock. Zacks Research raised shares of BitFuFu from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 13th. Wall Street Zen upgraded BitFuFu from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Finally, Northland Securities began coverage on BitFuFu in a research report on Wednesday, June 18th. They set a "market perform" rating and a $5.50 target price on the stock. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $6.45.

BitFuFu Price Performance

Shares of NASDAQ:FUFU opened at $3.47 on Tuesday. BitFuFu has a twelve month low of $2.91 and a twelve month high of $6.24. The company's 50 day moving average is $3.56 and its 200 day moving average is $4.03. The company has a current ratio of 3.03, a quick ratio of 3.02 and a debt-to-equity ratio of 0.94. The company has a market cap of $569.60 million, a PE ratio of 11.97 and a beta of 0.31.

BitFuFu (NASDAQ:FUFU - Get Free Report) last issued 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 business had revenue of $115.40 million for the quarter, compared to analysts' expectations of $101.60 million. BitFuFu had a net margin of 12.44% and a return on equity of 11.39%. During the same quarter last year, the company earned ($0.01) EPS. On average, sell-side analysts forecast that BitFuFu will post 0.17 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Wedbush Securities Inc. purchased a new position in BitFuFu in the 1st quarter valued at $50,000. Vident Advisory LLC boosted its stake in BitFuFu by 24.3% during the 2nd quarter. Vident Advisory LLC now owns 245,497 shares of the company's stock worth $793,000 after purchasing an additional 47,987 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in BitFuFu during the 2nd quarter worth $529,000. Invesco Ltd. acquired a new stake in BitFuFu during the 2nd quarter worth $321,000. Finally, Jane Street Group LLC acquired a new stake in BitFuFu during the 1st quarter worth $57,000. Hedge funds and other institutional investors 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.

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