BitFuFu (NASDAQ:FUFU) Stock Price Up 5.9% - Here's Why

Key Points

• BitFuFu Inc. stock increased by 5.9% during mid-day trading, reaching a last trading price of $3.40, while the trading volume saw a significant decline of 62% compared to its average.
• Several analysts have given mixed ratings on BitFuFu, with three analysts rating it as a "Buy", while one rated it as a "Sell," highlighting a consensus target price of $6.45.
• The company reported earnings per share (EPS) of $0.09 for the last quarter, beating estimates and achieving a net revenue of $115.40 million, indicating strong financial performance.

BitFuFu Inc. (NASDAQ:FUFU - Get Free Report) was up 5.9% during mid-day trading on Thursday . The stock traded as high as $3.42 and last traded at $3.40. Approximately 87,711 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 232,104 shares. The stock had previously closed at $3.21.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on FUFU shares. Weiss Ratings reissued a "sell (d+)" rating on shares of BitFuFu in a report on Wednesday, October 8th. HC Wainwright reiterated a "buy" rating and issued a $7.00 price target on shares of BitFuFu in a report on Tuesday, August 19th. B. Riley assumed coverage on shares of BitFuFu in a research report on Friday, July 18th. They issued a "buy" rating and a $7.31 price objective on the stock. Zacks Research lowered shares of BitFuFu from a "strong-buy" rating to a "hold" rating in a research report on Friday, October 10th. Finally, Roth Capital assumed coverage on shares of BitFuFu in a research note on Wednesday, August 13th. They issued a "buy" rating and a $6.00 price target on the stock. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $6.45.

BitFuFu Trading Up 5.9%

The company has a market cap of $558.11 million, a price-to-earnings ratio of 11.72 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. The firm's 50-day moving average price is $3.76 and its 200 day moving average price is $3.71.

BitFuFu (NASDAQ:FUFU - Get Free Report) last posted its quarterly earnings results on Friday, August 15th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.03. BitFuFu had a net margin of 12.44% and a return on equity of 10.33%. The business had revenue of $115.40 million during the quarter, compared to the consensus estimate of $101.60 million. During the same quarter last year, the firm posted ($0.01) EPS. As a group, equities analysts expect that BitFuFu Inc. will post 0.17 EPS for the current year.

Institutional Investors Weigh In On BitFuFu

Hedge funds have recently made changes to their positions in the business. Vident Advisory LLC bought a new stake in BitFuFu in the 1st quarter valued at about $905,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in BitFuFu in the second quarter worth approximately $529,000. Vontobel Holding Ltd. purchased a new stake in shares of BitFuFu during the third quarter valued at approximately $521,000. Invesco Ltd. purchased a new stake in shares of BitFuFu during the second quarter valued at approximately $321,000. Finally, Harvest Portfolios Group Inc. purchased a new position in BitFuFu during the 2nd quarter valued at $142,000. 37.26% of the stock is currently owned by institutional investors.

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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