BitFuFu (NASDAQ:FUFU) Sees Strong Trading Volume on Strong Earnings

BitFuFu Inc. (NASDAQ:FUFU) shares saw an uptick in trading volume on Wednesday following a better than expected earnings announcement. 4,510,080 shares traded hands during trading, an increase of 1,267% from the previous session’s volume of 329,909 shares.The stock last traded at $3.1590 and had previously closed at $3.19.

The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.03. BitFuFu had a net margin of 12.44% and a return on equity of 10.33%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Roth Capital began coverage on BitFuFu in a research report on Wednesday, August 13th. They issued a “buy” rating and a $6.00 target price on the stock. Zacks Research raised shares of BitFuFu from a “hold” rating to a “strong-buy” rating in a research note on Monday. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of BitFuFu in a research report on Wednesday, October 8th. B. Riley assumed coverage on shares of BitFuFu in a research note on Friday, July 18th. They issued a “buy” rating and a $7.31 price target for the company. Finally, Wall Street Zen upgraded shares of 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 issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $6.45.

Hedge Funds Weigh In On BitFuFu

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Engineers Gate Manager LP acquired a new position in shares of BitFuFu in the second quarter valued at approximately $36,000. Wedbush Securities Inc. bought a new position in shares of BitFuFu in the 1st quarter worth about $50,000. Jane Street Group LLC boosted its holdings in shares of BitFuFu by 25.4% during the 2nd quarter. Jane Street Group LLC now owns 15,743 shares of the company’s stock worth $51,000 after buying an additional 3,192 shares in the last quarter. Harvest Portfolios Group Inc. bought a new stake in BitFuFu in the second quarter valued at $142,000. Finally, Invesco Ltd. bought a new position in BitFuFu in the second quarter worth approximately $321,000. Institutional investors own 37.26% of the company’s stock.

BitFuFu Trading Down 3.3%

The company has a market capitalization of $506.40 million, a P/E ratio of 10.67 and a beta of 0.31. The business has a fifty day moving average of $3.67 and a 200-day moving average of $3.62. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.96 and a current ratio of 2.97.

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.