BitFuFu (NASDAQ:FUFU) Issues Quarterly Earnings Results

BitFuFu (NASDAQ:FUFU) announced its quarterly earnings data on Wednesday. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate 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 Trading Down 2.2%

Shares of NASDAQ:FUFU traded down $0.07 during trading on Wednesday, reaching $3.12. 4,551,514 shares of the company were exchanged, compared to its average volume of 330,692. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.97 and a quick ratio of 2.96. The business’s fifty day simple moving average is $3.67 and its 200-day simple moving average is $3.62. The firm has a market capitalization of $512.31 million, a PE ratio of 10.85 and a beta of 0.31. BitFuFu has a 12-month low of $2.91 and a 12-month high of $6.24.

Institutional Investors Weigh In On BitFuFu

A number of large investors have recently modified their holdings of FUFU. Engineers Gate Manager LP purchased a new stake in shares of BitFuFu in the 2nd quarter valued at $36,000. Jane Street Group LLC increased its stake in 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. Invesco Ltd. acquired a new position in shares of BitFuFu during the second quarter valued at approximately $321,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of BitFuFu in the second quarter worth approximately $529,000. Finally, Vident Advisory LLC boosted its stake 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.

Wall Street Analysts Forecast Growth

Several research firms have commented on FUFU. Weiss Ratings reissued a “sell (d+)” rating on shares of BitFuFu in a report on Wednesday, October 8th. B. Riley began coverage on shares of BitFuFu in a research note on Friday, July 18th. They issued a “buy” rating and a $7.31 target price on the stock. Wall Street Zen raised BitFuFu from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of BitFuFu in a report on Tuesday, August 19th. Finally, Roth Capital started coverage on BitFuFu in a research report on Wednesday, August 13th. They set a “buy” rating and a $6.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $6.45.

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.