BitFuFu Inc. (NASDAQ:FUFU) Sees Significant Drop in Short Interest

BitFuFu Inc. (NASDAQ:FUFU) saw a significant decrease in short interest in the month of December. As of December 15th, there was short interest totaling 473,272 shares, a decrease of 16.9% from the November 30th total of 569,470 shares. Approximately 0.4% of the shares of the company are short sold. Based on an average daily volume of 88,743 shares, the short-interest ratio is presently 5.3 days. Based on an average daily volume of 88,743 shares, the short-interest ratio is presently 5.3 days. Approximately 0.4% of the shares of the company are short sold.

BitFuFu Price Performance

FUFU stock traded up $0.03 during trading on Wednesday, hitting $2.56. The company had a trading volume of 73,216 shares, compared to its average volume of 306,822. The business has a 50 day moving average of $2.99 and a 200 day moving average of $3.44. The firm has a market capitalization of $426.03 million, a price-to-earnings ratio of 6.54 and a beta of 0.32. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.47. BitFuFu has a fifty-two week low of $2.38 and a fifty-two week high of $5.98.

BitFuFu (NASDAQ:FUFU) last released its quarterly earnings results on Wednesday, November 12th. The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. The company had revenue of $180.67 million for the quarter, compared to the consensus estimate of $130.17 million. BitFuFu had a net margin of 13.57% and a return on equity of 16.60%. As a group, research analysts predict that BitFuFu will post 0.17 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on FUFU shares. Weiss Ratings reiterated a “sell (d+)” rating on shares of BitFuFu in a research note on Wednesday, October 8th. B. Riley lowered their price objective on BitFuFu from $7.00 to $6.00 and set a “buy” rating for the company in a research note on Tuesday, November 18th. Zacks Research lowered BitFuFu from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 9th. Finally, HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of BitFuFu in a report on Thursday, November 13th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, BitFuFu presently has an average rating of “Hold” and a consensus target price of $6.13.

Hedge Funds Weigh In On BitFuFu

Hedge funds have recently modified their holdings of the company. Jane Street Group LLC lifted its holdings in shares of 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 buying an additional 3,192 shares during the period. Engineers Gate Manager LP acquired a new stake in BitFuFu in the 2nd quarter valued at about $36,000. Prelude Capital Management LLC bought a new position in shares of BitFuFu during the 3rd quarter valued at about $48,000. Squarepoint Ops LLC acquired a new position in shares of BitFuFu in the 3rd quarter worth approximately $48,000. Finally, Harvest Portfolios Group Inc. acquired a new position in shares of BitFuFu in the 2nd quarter worth approximately $142,000. 37.26% of the stock is currently 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.