BitFuFu (NASDAQ:FUFU) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

BitFuFu (NASDAQ:FUFU) released its quarterly earnings results on Monday. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates 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 Price Performance

FUFU stock opened at $1.45 on Monday. The company has a 50 day simple moving average of $1.46 and a 200 day simple moving average of $1.97. The stock has a market cap of $241.58 million, a price-to-earnings 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 has a debt-to-equity ratio of 0.81, a current ratio of 4.16 and a quick ratio of 4.16.

Institutional Trading of BitFuFu

Hedge funds have recently added to or reduced their stakes in the stock. Boothbay Fund Management LLC acquired a new position in shares of BitFuFu during the fourth quarter worth $31,000. Engineers Gate Manager LP acquired a new stake in shares of BitFuFu during the 2nd quarter valued at $36,000. Squarepoint Ops LLC bought a new stake in BitFuFu during the 3rd quarter worth $48,000. Prelude Capital Management LLC acquired a new position in BitFuFu in the 3rd quarter worth about $48,000. Finally, Jane Street Group LLC increased its holdings in BitFuFu by 25.4% in the 2nd quarter. Jane Street Group LLC now owns 15,743 shares of the company’s stock worth $51,000 after purchasing an additional 3,192 shares in the last quarter. Institutional investors and hedge funds own 37.26% of the company’s stock.

BitFuFu announced that its Board of Directors has initiated a stock repurchase plan on Monday, June 22nd that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Wall Street Zen cut shares of BitFuFu from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Zacks Research upgraded BitFuFu from a “strong sell” rating to a “hold” rating in a research note on Friday, July 31st. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of BitFuFu in a research report on Friday, July 31st. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $5.00.

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.