BitFuFu (NASDAQ:FUFU) Coverage Initiated at B. Riley

Research analysts at B. Riley initiated coverage on shares of BitFuFu (NASDAQ:FUFU) in a note issued to investors on Friday, MarketBeat Ratings reports. The firm set a “buy” rating and a $7.31 price target on the stock. B. Riley’s price target would indicate a potential upside of 70.40% from the company’s current price.

Several other research analysts have also recently weighed in on the stock. Northland Securities assumed coverage on shares of BitFuFu in a research note on Wednesday, June 18th. They set a “market perform” rating and a $5.50 price target on the stock. Wall Street Zen downgraded shares of BitFuFu from a “hold” rating to a “sell” rating in a research report on Friday, June 27th. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of BitFuFu in a report on Friday, June 6th. Finally, Northland Capmk upgraded shares of BitFuFu to a “hold” rating in a report on Wednesday, June 18th. Three equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, BitFuFu currently has a consensus rating of “Moderate Buy” and an average price target of $6.60.

BitFuFu Stock Up 10.6%

Shares of NASDAQ:FUFU opened at $4.29 on Friday. The firm has a fifty day moving average of $3.51 and a 200 day moving average of $4.26. The company has a debt-to-equity ratio of 0.94, a quick ratio of 3.02 and a current ratio of 3.03. BitFuFu has a 52-week low of $2.91 and a 52-week high of $6.33. The firm has a market capitalization of $699.73 million, a PE ratio of 214.61 and a beta of 0.30.

BitFuFu (NASDAQ:FUFU) last released its quarterly earnings results on Thursday, June 5th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.14). BitFuFu had a return on equity of 1.34% and a net margin of 0.46%. The company had revenue of $99.82 million during the quarter, compared to the consensus estimate of $114.03 million. As a group, research analysts anticipate that BitFuFu will post 0.17 EPS for the current fiscal year.

Institutional Investors Weigh In On BitFuFu

A number of hedge funds have recently modified their holdings of FUFU. Prospect Financial Group LLC purchased a new position in shares of BitFuFu in the fourth quarter valued at approximately $50,000. Wedbush Securities Inc. acquired a new stake in BitFuFu during the first quarter worth approximately $50,000. Jane Street Group LLC acquired a new stake in BitFuFu during the first quarter worth approximately $57,000. OLD Mission Capital LLC acquired a new position in shares of BitFuFu in the 4th quarter valued at $67,000. Finally, WINTON GROUP Ltd acquired a new position in shares of BitFuFu in the 4th quarter valued at $83,000. 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.