BitFuFu (NASDAQ:FUFU) Announces Earnings Results

BitFuFu (NASDAQ:FUFU) posted its quarterly earnings results on Wednesday. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03, Zacks reports. BitFuFu had a return on equity of 10.33% and a net margin of 12.44%.

BitFuFu Stock Performance

NASDAQ FUFU traded down $0.07 during trading on Wednesday, reaching $3.12. The company’s stock had a trading volume of 4,551,514 shares, compared to its average volume of 330,692. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.96 and a current ratio of 2.97. BitFuFu has a twelve month low of $2.91 and a twelve month high of $6.24. The firm has a market cap of $512.31 million, a price-to-earnings ratio of 10.85 and a beta of 0.31. The business’s fifty day moving average price is $3.67 and its 200-day moving average price is $3.62.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on FUFU shares. Weiss Ratings reiterated a “sell (d+)” rating on shares of BitFuFu in a report on Wednesday, October 8th. HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of BitFuFu in a research note on Tuesday, August 19th. Roth Capital assumed coverage on shares of BitFuFu in a research report on Wednesday, August 13th. They set a “buy” rating and a $6.00 price target on the stock. Zacks Research upgraded BitFuFu from a “hold” rating to a “strong-buy” rating in a report on Monday. Finally, Wall Street Zen raised BitFuFu from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $6.45.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Engineers Gate Manager LP purchased a new stake in BitFuFu in the 2nd quarter valued at approximately $36,000. Jane Street Group LLC purchased a new position in shares of BitFuFu during the 1st quarter worth $57,000. Invesco Ltd. acquired a new position in shares of BitFuFu during the 2nd quarter valued at about $321,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of BitFuFu during the 2nd quarter worth about $529,000. Finally, Vident Advisory LLC boosted its position in shares of BitFuFu by 24.3% in the second quarter. Vident Advisory LLC now owns 245,497 shares of the company’s stock worth $793,000 after acquiring an additional 47,987 shares during the last quarter. Hedge funds and other institutional investors own 37.26% of the company’s stock.

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.