BitFuFu (NASDAQ:FUFU) Announces Quarterly Earnings Results, Misses Expectations By $0.01 EPS

BitFuFu (NASDAQ:FUFU) announced its quarterly earnings results on Monday. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01), Zacks reports. BitFuFu had a negative return on equity of 3.81% and a negative net margin of 16.06%.

BitFuFu Stock Performance

BitFuFu stock opened at $1.45 on Monday. The company has a debt-to-equity ratio of 0.81, a current ratio of 4.16 and a quick ratio of 4.16. The firm has a market capitalization of $241.58 million, a P/E ratio of -3.30 and a beta of 0.46. BitFuFu has a 1-year low of $1.26 and a 1-year high of $5.38. The company’s 50-day moving average is $1.46 and its 200 day moving average is $1.97.

Institutional Investors Weigh In On BitFuFu

Several hedge funds and other institutional investors have recently modified their holdings of FUFU. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in BitFuFu by 51.3% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 247,703 shares of the company’s stock valued at $929,000 after acquiring an additional 83,984 shares during the period. Vident Advisory LLC increased its stake in BitFuFu by 24.3% in the second quarter. Vident Advisory LLC now owns 245,497 shares of the company’s stock worth $793,000 after purchasing an additional 47,987 shares during the period. Vontobel Holding Ltd. lifted its position in shares of BitFuFu by 12.6% during the fourth quarter. Vontobel Holding Ltd. now owns 156,986 shares of the company’s stock worth $413,000 after purchasing an additional 17,605 shares during the last quarter. Invesco Ltd. bought a new stake in shares of BitFuFu during the second quarter worth $321,000. Finally, Renaissance Technologies LLC boosted its stake in shares of BitFuFu by 24.7% during the fourth quarter. Renaissance Technologies LLC now owns 54,000 shares of the company’s stock valued at $143,000 after purchasing an additional 10,700 shares during the period. 37.26% of the stock is currently owned by hedge funds and other institutional investors.

BitFuFu announced that its board has authorized a share buyback program on Monday, June 22nd that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

FUFU has been the topic of a number of research reports. Wall Street Zen downgraded shares of BitFuFu from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Zacks Research raised BitFuFu from a “strong sell” rating to a “hold” rating in a research note on Friday, July 31st. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of BitFuFu in a research note on Friday, July 31st. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $5.00.

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.