BitFuFu (NASDAQ:FUFU) Announces Earnings Results

Key Points

• BitFuFu reported a quarterly loss of $0.02 per share, missing the consensus estimate of a $0.01 loss. The company posted a negative net margin of 16.06% and negative return on equity of 3.81%.
• FUFU opened at $1.45, near its 52-week low of $1.26 and well below its 52-week high of $5.38. The company has a market capitalization of approximately $241.6 million and a negative price-to-earnings ratio of 3.30.
• Analyst sentiment remains mixed, with an overall “Hold” rating and an average price target of $5.00; recent opinions ranged from “Sell” to “Hold.” Institutional investors and hedge funds own 37.26% of the stock.

BitFuFu (NASDAQ:FUFU - Get Free Report) issued its quarterly earnings results on Monday. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01), Zacks reports. BitFuFu had a negative return on equity of 3.81% and a negative net margin of 16.06%.

BitFuFu Price Performance

FUFU stock opened at $1.45 on Monday. BitFuFu has a 1-year low of $1.26 and a 1-year high of $5.38. The business's 50 day simple moving average is $1.46 and its 200 day simple moving average is $1.97. The company has a current ratio of 4.16, a quick ratio of 4.16 and a debt-to-equity ratio of 0.81. The firm has a market capitalization of $241.58 million, a PE ratio of -3.30 and a beta of 0.46.

BitFuFu declared that its Board of Directors has approved a stock buyback program on Monday, June 22nd that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On BitFuFu

Several institutional investors and hedge funds have recently modified their holdings of FUFU. Jane Street Group LLC acquired a new stake in shares of BitFuFu during the 1st quarter worth about $57,000. Invesco Ltd. bought a new position in BitFuFu in the 2nd quarter valued at about $321,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in BitFuFu during the second quarter worth approximately $529,000. Engineers Gate Manager LP bought a new stake in shares of BitFuFu during the second quarter worth approximately $36,000. Finally, Vident Advisory LLC grew 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 valued at $793,000 after purchasing an additional 47,987 shares during the last quarter. 37.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

FUFU has been the subject of a number of analyst reports. Wall Street Zen downgraded shares of BitFuFu from a "hold" rating to a "sell" rating in a research report on Saturday, June 6th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of BitFuFu in a research report on Friday, July 31st. Finally, Zacks Research upgraded BitFuFu from a "strong sell" rating to a "hold" rating in a research note on Friday, July 31st. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, BitFuFu currently has an average rating of "Hold" and an average price target of $5.00.

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.

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