BitFuFu Inc. (NASDAQ:FUFU) Short Interest Update

Key Points

• Short interest in BitFuFu Inc. (NASDAQ:FUFU) decreased significantly by 40.4% in July, dropping from 432,300 shares to 257,800 shares.
• The company reported earnings of $0.09 per share, surpassing analysts' estimates of $0.06, and generated revenues of $115.40 million during the last quarter.
• Institutional investors currently own 37.26% of BitFuFu's stock, with several entities acquiring new positions in the company recently.

BitFuFu Inc. (NASDAQ:FUFU - Get Free Report) was the target of a significant decrease in short interest during the month of July. As of July 31st, there was short interest totaling 257,800 shares, adecreaseof40.4% from the July 15th total of 432,300 shares. Currently,1.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 322,300 shares, the short-interest ratio is presently 0.8 days. Based on an average daily trading volume, of 322,300 shares, the short-interest ratio is presently 0.8 days. Currently,1.6% of the shares of the stock are short sold.

BitFuFu Stock Up 1.2%

Shares of BitFuFu stock traded up $0.04 during trading hours on Wednesday, hitting $3.41. The company had a trading volume of 221,746 shares, compared to its average volume of 823,872. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.97 and a quick ratio of 3.02. The company's 50-day moving average is $3.56 and its two-hundred day moving average is $4.02. The company has a market cap of $559.75 million, a P/E ratio of 11.76 and a beta of 0.31. BitFuFu has a twelve month low of $2.91 and a twelve month high of $6.24.

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

Analysts Set New Price Targets

Several research firms have recently commented on FUFU. B. Riley began coverage on BitFuFu in a research report on Friday, July 18th. They set a "buy" rating and a $7.31 price target for the company. Wall Street Zen raised BitFuFu from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. HC Wainwright reaffirmed a "buy" rating and issued a $7.00 target price on shares of BitFuFu in a research report on Tuesday. Zacks Research upgraded shares of BitFuFu from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 13th. Finally, Northland Capmk raised shares of BitFuFu to a "hold" rating in a research report on Wednesday, June 18th. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $6.45.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FUFU. Engineers Gate Manager LP purchased a new position in BitFuFu in the 2nd quarter valued at about $36,000. Wedbush Securities Inc. acquired a new position in shares of BitFuFu in the first quarter worth about $50,000. Jane Street Group LLC boosted its holdings in BitFuFu by 25.4% in the second quarter. Jane Street Group LLC now owns 15,743 shares of the company's stock valued at $51,000 after purchasing an additional 3,192 shares during the last quarter. Harvest Portfolios Group Inc. purchased a new position in BitFuFu in the second quarter valued at about $142,000. Finally, Invesco Ltd. acquired a new stake in BitFuFu during the 2nd quarter valued at approximately $321,000. 37.26% of the stock is currently owned by hedge funds and other institutional investors.

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.