BitFuFu (NASDAQ:FUFU) Shares Gap Up on Better-Than-Expected Earnings

BitFuFu Inc. (NASDAQ:FUFU) gapped up before the market opened 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 trading hands.

The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.25. The firm had revenue of $115.40 million for the quarter, compared to the consensus estimate of $101.60 million. BitFuFu had a net margin of 0.46% and a return on equity of 1.34%. During the same quarter in the previous year, the company earned ($0.01) EPS.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. 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 target on the stock. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of BitFuFu in a research report on Friday, June 6th. Northland Capmk upgraded shares of BitFuFu to a “hold” rating in a research report on Wednesday, June 18th. Northland Securities began coverage on shares of BitFuFu in a research report on Wednesday, June 18th. They set a “market perform” rating and a $5.50 target price on the stock. Finally, Wall Street Zen upgraded shares of BitFuFu from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, BitFuFu has an average rating of “Moderate Buy” and an average price target of $6.45.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of FUFU. Jane Street Group LLC raised its holdings in BitFuFu by 25.4% during the second quarter. Jane Street Group LLC now owns 15,743 shares of the company’s stock worth $51,000 after buying an additional 3,192 shares during the last quarter. Wedbush Securities Inc. bought a new stake in shares of BitFuFu in the 1st quarter worth $50,000. Engineers Gate Manager LP bought a new stake in shares of BitFuFu in the 2nd quarter worth $36,000. Harvest Portfolios Group Inc. bought a new stake in shares of BitFuFu in the 2nd quarter worth $142,000. Finally, Vident Advisory LLC grew its stake in shares of BitFuFu by 24.3% in the 2nd quarter. Vident Advisory LLC now owns 245,497 shares of the company’s stock worth $793,000 after acquiring an additional 47,987 shares in the last quarter. Institutional investors and hedge funds own 37.26% of the company’s stock.

BitFuFu Stock Performance

The company has a debt-to-equity ratio of 0.94, a quick ratio of 3.02 and a current ratio of 3.03. The stock has a market cap of $618.85 million, a P/E ratio of 188.59 and a beta of 0.31. The company’s 50 day moving average price is $3.56 and its 200-day moving average price is $4.06.

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.