Stock Buyback Program Declared by BitFuFu (NASDAQ:FUFU) Board

BitFuFu (NASDAQ:FUFU) announced that its Board of Directors has initiated a stock repurchase plan on Monday, June 22nd, RTT News reports. The company plans to buyback $0.00 in shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on FUFU shares. Zacks Research cut BitFuFu from a “hold” rating to a “strong sell” rating in a research note on Friday, May 22nd. Wall Street Zen lowered shares of BitFuFu from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Weiss Ratings downgraded shares of BitFuFu from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, May 4th. Finally, HC Wainwright lowered their price objective on shares of BitFuFu from $7.00 to $4.00 and set a “buy” rating on the stock in a research report on Monday, March 23rd. Three analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, BitFuFu presently has a consensus rating of “Hold” and a consensus price target of $5.33.

BitFuFu Stock Performance

BitFuFu stock traded down $0.02 during midday trading on Monday, reaching $1.68. The stock had a trading volume of 411,971 shares, compared to its average volume of 272,081. BitFuFu has a 12 month low of $1.56 and a 12 month high of $5.38. The firm’s 50-day moving average price is $2.03 and its 200 day moving average price is $2.38. The firm has a market capitalization of $279.90 million, a PE ratio of -3.82 and a beta of 0.42. The company has a quick ratio of 4.16, a current ratio of 4.16 and a debt-to-equity ratio of 0.81.

BitFuFu (NASDAQ:FUFU) last issued its earnings results on Saturday, March 21st. The company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.18). The business had revenue of $103.42 million for the quarter, compared to the consensus estimate of $105.15 million. BitFuFu had a negative return on equity of 3.81% and a negative net margin of 16.06%. As a group, research analysts predict that BitFuFu will post 0.11 earnings per share for the current fiscal year.

About BitFuFu

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.