BitFuFu (NASDAQ:FUFU) Sees Strong Trading Volume After Better-Than-Expected Earnings

BitFuFu Inc. (NASDAQ:FUFU) shares saw strong trading volume on Wednesday following a stronger than expected earnings report. 4,510,080 shares were traded during trading, an increase of 1,267% from the previous session’s volume of 329,909 shares.The stock last traded at $3.1590 and had previously closed at $3.19.

The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.03. BitFuFu had a net margin of 12.44% and a return on equity of 10.33%. The company had revenue of $115.40 million for the quarter, compared to analysts’ expectations of $101.60 million. During the same period in the prior year, the firm earned ($0.01) EPS.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Roth Capital assumed coverage on BitFuFu in a report on Wednesday, August 13th. They issued a “buy” rating and a $6.00 price objective on the stock. Weiss Ratings reiterated a “sell (d+)” rating on shares of BitFuFu in a research note on Wednesday, October 8th. Wall Street Zen raised shares of BitFuFu from a “sell” rating to a “hold” rating in a report on Friday, July 18th. HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of BitFuFu in a research report on Tuesday, August 19th. Finally, Zacks Research raised BitFuFu from a “hold” rating to a “strong-buy” rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $6.45.

Hedge Funds Weigh In On BitFuFu

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vident Advisory LLC bought a new position in BitFuFu in the first quarter worth approximately $905,000. Harvest Portfolios Group Inc. bought a new position in shares of BitFuFu in the 2nd quarter worth $142,000. Wedbush Securities Inc. acquired a new stake in BitFuFu in the 1st quarter valued at $50,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in BitFuFu during the 2nd quarter valued at $529,000. Finally, Invesco Ltd. bought a new position in shares of BitFuFu in the second quarter valued at $321,000. 37.26% of the stock is currently owned by institutional investors and hedge funds.

BitFuFu Price Performance

The company has a debt-to-equity ratio of 0.70, a current ratio of 2.97 and a quick ratio of 2.96. The business’s fifty day moving average price is $3.65 and its 200-day moving average price is $3.62. The stock has a market capitalization of $479.32 million, a price-to-earnings ratio of 10.07 and a beta of 0.31.

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.