BitFuFu (NASDAQ:FUFU - Get Free Report) posted its quarterly earnings results on Friday. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.03, Zacks reports. BitFuFu had a net margin of 12.44% and a return on equity of 10.33%. The firm had revenue of $115.40 million during the quarter, compared to the consensus estimate of $101.60 million. During the same quarter in the previous year, the firm posted ($0.01) earnings per share.
BitFuFu Price Performance
NASDAQ FUFU traded up $0.04 during trading hours on Wednesday, reaching $3.41. The company's stock had a trading volume of 221,746 shares, compared to its average volume of 342,320. The firm has a market capitalization of $559.76 million, a price-to-earnings ratio of 11.76 and a beta of 0.31. The company's 50-day moving average is $3.56 and its two-hundred day moving average is $4.03. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.97 and a quick ratio of 3.02. BitFuFu has a 1-year low of $2.91 and a 1-year high of $6.24.
Institutional Inflows and Outflows
Several hedge funds have recently modified their holdings of the stock. Vident Advisory LLC raised its position in shares of BitFuFu by 24.3% during the 2nd quarter. Vident Advisory LLC now owns 245,497 shares of the company's stock worth $793,000 after purchasing an additional 47,987 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in BitFuFu in the 2nd quarter valued at about $529,000. Invesco Ltd. acquired a new stake in BitFuFu in the 2nd quarter valued at about $321,000. Jane Street Group LLC raised its holdings in BitFuFu by 25.4% in the 2nd quarter. Jane Street Group LLC now owns 15,743 shares of the company's stock valued at $51,000 after acquiring an additional 3,192 shares during the last quarter. Finally, Engineers Gate Manager LP acquired a new stake in BitFuFu in the 2nd quarter valued at about $36,000. Institutional investors and hedge funds own 37.26% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on FUFU shares. Zacks Research raised shares of BitFuFu from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 13th. B. Riley initiated coverage on shares of BitFuFu in a report on Friday, July 18th. They issued a "buy" rating and a $7.31 price target on the stock. Wall Street Zen raised shares of BitFuFu from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Northland Securities initiated coverage on shares of BitFuFu in a report on Wednesday, June 18th. They issued a "market perform" rating and a $5.50 price target on the stock. Finally, Northland Capmk raised shares of BitFuFu to a "hold" rating in a report on Wednesday, June 18th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $6.45.
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About BitFuFu
(
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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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