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

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

Wall Street Analysts Forecast Growth

Separately, HC Wainwright began coverage on BitFuFu in a research report on Wednesday, November 6th. They set a “buy” rating and a $7.00 target price for the company.

BitFuFu Stock Performance

The business’s fifty day moving average price is $4.56 and its two-hundred day moving average price is $4.29. The company has a quick ratio of 4.09, a current ratio of 4.09 and a debt-to-equity ratio of 0.88.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Jane Street Group LLC lifted its stake 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 worth $65,000 after purchasing an additional 1,984 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of BitFuFu during the third quarter valued at about $107,000. Finally, Wellington Management Group LLP purchased a new stake in shares of BitFuFu during the third quarter valued at about $110,000. Hedge funds and other institutional investors own 37.26% of the company’s stock.

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.