BitFuFu (NASDAQ:FUFU) Shares Gap Up After Earnings Beat

BitFuFu Inc. (NASDAQ:FUFU) shares 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 $0.09 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.03. The business had revenue of $115.40 million for the quarter, compared to analysts’ expectations of $101.60 million. BitFuFu had a net margin of 0.46% and a return on equity of 1.34%. During the same quarter last year, the company posted ($0.01) EPS.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Roth Capital assumed coverage on shares of BitFuFu in a research note on Wednesday. They set a “buy” rating and a $6.00 price target on the stock. HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of BitFuFu in a research note on Friday, June 6th. Northland Capmk upgraded shares of BitFuFu to a “hold” rating in a research note on Wednesday, June 18th. Wall Street Zen upgraded shares of BitFuFu from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. Finally, B. Riley initiated coverage on shares of BitFuFu in a research report on Friday, July 18th. They set a “buy” rating and a $7.31 price objective on the stock. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $6.45.

Institutional Trading of BitFuFu

Several institutional investors and hedge funds have recently modified their holdings of FUFU. Engineers Gate Manager LP bought a new stake in shares of BitFuFu during the 2nd quarter valued at $36,000. Wedbush Securities Inc. bought a new stake in shares of BitFuFu during the 1st quarter valued at $50,000. Jane Street Group LLC raised its position in shares of BitFuFu by 25.4% during the 2nd 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 BitFuFu in the 2nd quarter valued at $142,000. Finally, Invesco Ltd. bought a new stake in BitFuFu in the 2nd quarter valued at $321,000. 37.26% of the stock is currently owned by institutional investors.

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 company has a market capitalization of $618.86 million, a P/E ratio of 13.00 and a beta of 0.31. The business’s fifty day simple moving average is $3.56 and its 200-day simple moving average is $4.05.

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.