BitFuFu (NASDAQ:FUFU) Trading Up 4.9% – Still a Buy?

BitFuFu Inc. (NASDAQ:FUFU)’s stock price shot up 4.9% during trading on Thursday . The stock traded as high as $5.79 and last traded at $5.60. 74,982 shares were traded during trading, a decline of 62% from the average session volume of 199,209 shares. The stock had previously closed at $5.34.

Analyst Ratings Changes

Separately, HC Wainwright initiated coverage on BitFuFu in a research report on Wednesday, November 6th. They issued a “buy” rating and a $7.00 target price on the stock.

BitFuFu Price Performance

The company has a quick ratio of 4.09, a current ratio of 4.09 and a debt-to-equity ratio of 0.88. The firm has a 50 day moving average price of $4.56 and a 200-day moving average price of $4.29.

BitFuFu (NASDAQ:FUFU) last posted its earnings results on Tuesday, August 20th. The company reported $0.01 earnings per share for the quarter. The firm had revenue of $129.42 million during the quarter. BitFuFu had a net margin of 8.17% and a return on equity of 40.15%. As a group, equities analysts predict that BitFuFu Inc. will post 0.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On BitFuFu

Several institutional investors and hedge funds have recently modified their holdings of FUFU. Wellington Management Group LLP purchased a new position in BitFuFu during the third quarter worth approximately $110,000. XTX Topco Ltd acquired a new position in shares of BitFuFu during the 3rd quarter worth approximately $107,000. Finally, Jane Street Group LLC lifted its position in shares of BitFuFu by 14.0% during the 3rd quarter. Jane Street Group LLC now owns 16,153 shares of the company’s stock valued at $65,000 after buying an additional 1,984 shares in the last quarter. Hedge funds and other institutional investors own 37.26% of the company’s stock.

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.