BitFuFu (NASDAQ:FUFU) Sees Large Volume Increase - Here's What Happened

Key Points

• BitFuFu Inc. (NASDAQ:FUFU) experienced a significant increase in trading volume, with 717,013 shares traded, marking a 117% rise compared to the previous session.
• Wall Street analysts have given BitFuFu a consensus rating of "Moderate Buy" with a price target of $6.45, following several upgrades and ratings changes.
• In its latest financial report, BitFuFu exceeded earnings expectations by reporting $0.09 EPS and revenues of $115.40 million, surpassing the consensus estimates.

BitFuFu Inc. (NASDAQ:FUFU - Get Free Report) shares saw an uptick in trading volume on Thursday . 717,013 shares were traded during mid-day trading, an increase of 117% from the previous session's volume of 329,718 shares.The stock last traded at $4.10 and had previously closed at $3.87.

Wall Street Analyst Weigh In

FUFU has been the topic of a number of recent research reports. HC Wainwright reiterated a "buy" rating and set a $7.00 price target on shares of BitFuFu in a research note on Tuesday, August 19th. Northland Capmk raised BitFuFu to a "hold" rating in a report on Wednesday, June 18th. Roth Capital started coverage on shares of BitFuFu in a research report on Wednesday, August 13th. They set a "buy" rating and a $6.00 target price on the stock. Zacks Research upgraded shares of BitFuFu from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 13th. Finally, Wall Street Zen raised BitFuFu from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, BitFuFu presently has a consensus rating of "Moderate Buy" and a consensus price target of $6.45.

BitFuFu Stock Up 9.8%

The firm has a 50-day moving average of $3.74 and a 200 day moving average of $3.90. The stock has a market capitalization of $697.64 million, a price-to-earnings ratio of 14.65 and a beta of 0.32. The company has a current ratio of 2.97, a quick ratio of 2.96 and a debt-to-equity ratio of 0.70.

BitFuFu (NASDAQ:FUFU - Get Free Report) last posted its quarterly earnings data on Friday, August 15th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.03. The company had revenue of $115.40 million for the quarter, compared to the consensus estimate of $101.60 million. BitFuFu had a return on equity of 10.33% and a net margin of 12.44%.During the same period in the previous year, the business earned ($0.01) EPS. On average, sell-side analysts anticipate that BitFuFu Inc. will post 0.17 earnings per share for the current year.

Institutional Trading of BitFuFu

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

BitFuFu Company Profile

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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