Short Interest in BitFuFu Inc. (NASDAQ:FUFU) Decreases By 38.4%

Key Points

• BitFuFu’s short interest fell 38.4% to 160,439 shares as of August 31, representing approximately 0.1% of shares outstanding and a short-interest ratio of 0.7 days.
• Analyst sentiment remains mixed, with BitFuFu carrying an overall “Hold” rating and an average price target of $5.00; recent ratings included both upgrades and “Sell” recommendations.
• The stock traded near $1.25, close to its 12-month low, after the company reported a quarterly loss of $0.12 per share and revenue of $42.76 million—both worse than analyst expectations.

BitFuFu Inc. (NASDAQ:FUFU - Get Free Report) was the recipient of a significant decrease in short interest in the month of August. As of August 31st, there was short interest totaling 160,439 shares, a decrease of 38.4% from the August 15th total of 260,270 shares. Based on an average daily trading volume, of 237,739 shares, the short-interest ratio is currently 0.7 days. Approximately 0.1% of the shares of the stock are short sold.

Analysts Set New Price Targets

Several equities analysts recently commented on FUFU shares. Wall Street Zen cut shares of BitFuFu from a "hold" rating to a "sell" rating in a research note on Saturday, June 6th. Zacks Research upgraded shares of BitFuFu from a "strong sell" rating to a "hold" rating in a research note on Friday, July 31st. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of BitFuFu in a report on Friday, July 31st. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, BitFuFu has an average rating of "Hold" and an average price target of $5.00.

BitFuFu Price Performance

Shares of NASDAQ FUFU traded down $0.01 during midday trading on Wednesday, hitting $1.25. 16,318 shares of the company's stock were exchanged, compared to its average volume of 178,271. The company has a current ratio of 4.22, a quick ratio of 4.22 and a debt-to-equity ratio of 1.03. The business's fifty day moving average price is $1.36 and its two-hundred day moving average price is $1.78. The company has a market cap of $209.10 million, a price-to-earnings ratio of -1.50 and a beta of 0.45. BitFuFu has a 12-month low of $1.18 and a 12-month high of $4.10.

BitFuFu (NASDAQ:FUFU - Get Free Report) last announced its earnings results on Monday, August 17th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.11). BitFuFu had a negative net margin of 36.00% and a negative return on equity of 18.05%. The company had revenue of $42.76 million for the quarter, compared to the consensus estimate of $75.02 million.

BitFuFu declared that its board has approved a share buyback plan on Monday, June 22nd that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

About BitFuFu

BitFuFu Limited is a digital asset mining services company that focuses primarily on Bitcoin mining and related infrastructure. The company provides cloud-mining services that allow customers to purchase or manage Bitcoin mining capacity without owning and operating mining equipment directly.

Its offerings also include Bitcoin self-mining, mining-farm hosting, hash-rate management and mining hardware sales. Through these services, BitFuFu supports individual and institutional customers with access to mining equipment, computing power and related operational capabilities.

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