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

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

Analysts Set New Price Targets

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

BitFuFu Stock Down 1.3 %

The company’s 50 day moving average is $4.52 and its 200 day moving average is $4.27. The company has a debt-to-equity ratio of 0.88, a quick ratio of 4.09 and a current ratio of 4.09.

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

Institutional Investors Weigh In On BitFuFu

A hedge fund recently bought a new stake in BitFuFu stock. MMCAP International Inc. SPC acquired a new position in shares of BitFuFu Inc. (NASDAQ:FUFU) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 16,500 shares of the company’s stock, valued at approximately $82,000. MMCAP International Inc. SPC owned about 0.38% of BitFuFu at the end of the most recent quarter. 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.