BitFuFu (NASDAQ:FUFU) Shares Gap Up on Strong Earnings

Key Points

• BitFuFu Inc. shares gapped up from $3.97 to $4.56 after reporting strong quarterly earnings of $0.28 per share, significantly exceeding analysts' expectations of $0.03.
• Analysts have set new price targets for BitFuFu, with Roth Capital and HC Wainwright both issuing a "buy" rating and targets of $6.00 and $7.00, respectively.
• Institutional investors own 37.26% of BitFuFu, with notable recent investments including a new stake from MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. valued at approximately $529,000.

BitFuFu Inc. (NASDAQ:FUFU - Get Free Report) shares gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $3.97, but opened at $4.56. BitFuFu shares last traded at $3.81, with a volume of 11,419,266 shares.

The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.06 by $0.03. The company had revenue of $115.40 million for the quarter, compared to analyst estimates of $101.60 million. BitFuFu had a return on equity of 11.39% and a net margin of 12.44%. During the same period last year, the company earned ($0.01) earnings per share.

Analyst Ratings Changes

A number of equities analysts have weighed in on FUFU shares. Northland Securities assumed coverage on shares of BitFuFu in a research report on Wednesday, June 18th. They set a "market perform" rating and a $5.50 price objective for the company. HC Wainwright restated a "buy" rating and set a $7.00 price target on shares of BitFuFu in a research report on Friday, June 6th. B. Riley started coverage on BitFuFu in a report on Friday, July 18th. They issued a "buy" rating and a $7.31 price objective on the stock. Roth Capital started coverage on BitFuFu in a report on Wednesday, August 13th. They set a "buy" rating and a $6.00 target price for the company. Finally, Wall Street Zen upgraded BitFuFu from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $6.45.

Hedge Funds Weigh In On BitFuFu

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vident Advisory LLC purchased a new stake in BitFuFu during the 1st quarter valued at about $905,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of BitFuFu during the 2nd quarter worth approximately $529,000. Invesco Ltd. purchased a new stake in shares of BitFuFu in the second quarter valued at approximately $321,000. Harvest Portfolios Group Inc. purchased a new stake in shares of BitFuFu in the second quarter valued at approximately $142,000. Finally, Jane Street Group LLC acquired a new stake in shares of BitFuFu in the first quarter valued at approximately $57,000. 37.26% of the stock is currently owned by institutional investors and hedge funds.

BitFuFu Stock Performance

The stock has a 50-day moving average of $3.56 and a 200 day moving average of $4.03. The stock has a market cap of $569.60 million, a PE ratio of 11.97 and a beta of 0.31. The company has a quick ratio of 3.02, a current ratio of 3.03 and a debt-to-equity ratio of 0.94.

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.