BitFuFu (NASDAQ:FUFU) Sets New 52-Week Low – Here’s Why

BitFuFu Inc. (NASDAQ:FUFU) shares reached a new 52-week low on Thursday . The stock traded as low as $2.86 and last traded at $2.92, with a volume of 5224985 shares changing hands. The stock had previously closed at $3.19.

Analysts Set New Price Targets

Several brokerages recently commented on FUFU. Roth Capital initiated coverage on BitFuFu in a report on Wednesday, August 13th. They issued a “buy” rating and a $6.00 price objective for the company. Zacks Research raised shares of BitFuFu from a “hold” rating to a “strong-buy” rating in a report on Monday, November 10th. B. Riley assumed coverage on shares of BitFuFu in a research note on Friday, July 18th. They set a “buy” rating and a $7.31 target price on the stock. Wall Street Zen upgraded BitFuFu from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of BitFuFu in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, BitFuFu has an average rating of “Moderate Buy” and an average price target of $6.45.

BitFuFu Stock Performance

The company has a market capitalization of $529.41 million, a P/E ratio of 8.15 and a beta of 0.31. The business has a 50 day moving average of $3.63 and a 200 day moving average of $3.61. The company has a quick ratio of 2.96, a current ratio of 2.58 and a debt-to-equity ratio of 0.47.

BitFuFu (NASDAQ:FUFU) last posted its earnings results on Wednesday, November 12th. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. The firm had revenue of $180.67 million during the quarter, compared to analyst estimates of $130.17 million. BitFuFu had a net margin of 13.57% and a return on equity of 16.60%. On average, sell-side analysts predict that BitFuFu Inc. will post 0.17 earnings per share for the current year.

Institutional Investors Weigh In On BitFuFu

Several large investors have recently added to or reduced their stakes in the stock. Engineers Gate Manager LP bought a new stake in shares of BitFuFu in the 2nd quarter valued at approximately $36,000. Squarepoint Ops LLC bought a new stake in BitFuFu in the third quarter worth $48,000. Wedbush Securities Inc. bought a new position in BitFuFu during the 1st quarter valued at about $50,000. Jane Street Group LLC lifted its stake in shares of BitFuFu by 25.4% during the 2nd quarter. Jane Street Group LLC now owns 15,743 shares of the company’s stock worth $51,000 after acquiring an additional 3,192 shares during the last quarter. Finally, Harvest Portfolios Group Inc. purchased a new stake in shares of BitFuFu during the second quarter valued at $142,000. 37.26% of the stock is owned by 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.