BitFuFu (NASDAQ:FUFU) Posts Quarterly Earnings Results, Beats Expectations By $0.03 EPS

BitFuFu (NASDAQ:FUFU) posted its quarterly earnings results on Wednesday. The company reported $0.06 earnings per share (EPS) 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%.The business had revenue of $180.67 million for the quarter, compared to analysts’ expectations of $130.17 million.

BitFuFu Stock Up 3.4%

Shares of BitFuFu stock traded up $0.10 during trading on Thursday, reaching $3.02. 136,409 shares of the company traded hands, compared to its average volume of 333,204. The firm has a market capitalization of $495.73 million, a PE ratio of 10.50 and a beta of 0.31. BitFuFu has a 1-year low of $2.86 and a 1-year high of $6.24. The company has a 50 day moving average price of $3.65 and a 200-day moving average price of $3.62. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.97 and a quick ratio of 2.96.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Wall Street Zen upgraded shares of BitFuFu from a “sell” rating to a “hold” rating in a report on Friday, July 18th. Zacks Research upgraded BitFuFu from a “hold” rating to a “strong-buy” rating in a research note on Monday. B. Riley began coverage on BitFuFu in a research report on Friday, July 18th. They set a “buy” rating and a $7.31 price objective on the stock. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of BitFuFu in a research report on Thursday. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of BitFuFu in a research report on Wednesday, October 8th. One investment 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $6.45.

Institutional Trading of BitFuFu

Several hedge funds have recently bought and sold shares of the business. Vident Advisory LLC increased its stake in BitFuFu by 24.3% in the 2nd quarter. Vident Advisory LLC now owns 245,497 shares of the company’s stock valued at $793,000 after buying an additional 47,987 shares during the last quarter. Engineers Gate Manager LP bought a new position in BitFuFu during the second quarter valued at $36,000. Jane Street Group LLC increased its position in BitFuFu by 25.4% in the second 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 during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of BitFuFu during the 2nd quarter valued at $529,000. Finally, Invesco Ltd. purchased a new stake in BitFuFu in the 2nd quarter worth about $321,000. Institutional investors and hedge funds own 37.26% of the company’s stock.

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.