BitFuFu Inc. (NASDAQ:FUFU) Short Interest Update

BitFuFu Inc. (NASDAQ:FUFU) was the recipient of a large drop in short interest in August. As of August 31st, there was short interest totaling 160,439 shares, a drop of 38.4% from the August 15th total of 260,270 shares. Currently, 0.1% of the shares of the stock are short sold. Based on an average trading volume of 237,739 shares, the days-to-cover ratio is presently 0.7 days.

BitFuFu Stock Performance

Shares of FUFU stock traded up $0.10 during trading on Friday, reaching $1.38. 66,253 shares of the company’s stock were exchanged, compared to its average volume of 177,049. BitFuFu has a twelve month low of $1.18 and a twelve month high of $4.06. The firm’s fifty day moving average price is $1.35 and its 200-day moving average price is $1.76. The company has a quick ratio of 4.22, a current ratio of 4.22 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $229.09 million, a PE ratio of -1.64 and a beta of 0.45.

BitFuFu (NASDAQ:FUFU) last announced its quarterly earnings data on Monday, August 17th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.11). The company had revenue of $42.76 million during the quarter, compared to analyst estimates of $75.02 million. BitFuFu had a negative net margin of 36.00% and a negative return on equity of 18.05%.

BitFuFu announced that its board has authorized a share repurchase program on Monday, June 22nd that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

FUFU has been the subject of a number of research analyst reports. Zacks Research raised BitFuFu from a “strong sell” rating to a “hold” rating in a research note on Friday, July 31st. Weiss Ratings cut BitFuFu from a “sell (d)” rating to a “sell (d-)” rating in a report on Wednesday. Finally, Wall Street Zen cut BitFuFu from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, BitFuFu has an average rating of “Hold” and an average target price of $5.00.

About BitFuFu

BitFuFu Limited is a digital asset mining services company that focuses primarily on Bitcoin mining and related infrastructure. The company provides cloud-mining services that allow customers to purchase or manage Bitcoin mining capacity without owning and operating mining equipment directly.

Its offerings also include Bitcoin self-mining, mining-farm hosting, hash-rate management and mining hardware sales. Through these services, BitFuFu supports individual and institutional customers with access to mining equipment, computing power and related operational capabilities.