BitFuFu (NASDAQ:FUFU) Trading Up 9.2% – Should You Buy?

BitFuFu Inc. (NASDAQ:FUFU) shares shot up 9.2% on Tuesday . The stock traded as high as $3.25 and last traded at $3.2550. 107,757 shares were traded during trading, an increase of 15% from the average session volume of 93,908 shares. The stock had previously closed at $2.98.

Wall Street Analysts Forecast Growth

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

BitFuFu Price Performance

The company has a debt-to-equity ratio of 0.47, a current ratio of 2.58 and a quick ratio of 2.58. The stock’s 50-day simple moving average is $2.90 and its two-hundred day simple moving average is $3.43. The firm has a market cap of $529.41 million, a P/E ratio of 8.15 and a beta of 0.33.

BitFuFu (NASDAQ:FUFU) last issued its quarterly earnings results on Wednesday, November 12th. The company reported $0.06 EPS for the quarter, beating the consensus estimate 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%. Equities research analysts forecast that BitFuFu Inc. will post 0.17 earnings per share for the current fiscal year.

Institutional Investors Weigh In On BitFuFu

A number of institutional investors and hedge funds have recently modified their holdings of the business. Harvest Portfolios Group Inc. bought a new position in BitFuFu in the 2nd quarter valued at $142,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of BitFuFu by 51.3% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 247,703 shares of the company’s stock valued at $929,000 after purchasing an additional 83,984 shares during the period. Vident Advisory LLC boosted its stake in shares of BitFuFu by 24.3% during the second quarter. Vident Advisory LLC now owns 245,497 shares of the company’s stock valued at $793,000 after purchasing an additional 47,987 shares during the period. Jane Street Group LLC grew 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 worth $51,000 after purchasing an additional 3,192 shares during the last quarter. Finally, Invesco Ltd. purchased a new position in BitFuFu in the 2nd quarter worth about $321,000. 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.