Short Interest in BitFuFu Inc. (NASDAQ:FUFU) Declines By 8.5%

BitFuFu Inc. (NASDAQ:FUFU) was the target of a large decrease in short interest in October. As of October 31st, there was short interest totalling 399,700 shares, a decrease of 8.5% from the October 15th total of 436,600 shares. Currently, 2.7% of the company’s stock are short sold. Based on an average trading volume of 80,300 shares, the days-to-cover ratio is currently 5.0 days.

Hedge Funds Weigh In On BitFuFu

A number of institutional investors have recently bought and sold shares of FUFU. Wellington Management Group LLP purchased a new stake in BitFuFu in the third quarter worth about $110,000. Jane Street Group LLC raised its stake in 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 acquiring an additional 1,984 shares during the period. Finally, XTX Topco Ltd purchased a new position in BitFuFu during the third quarter valued at approximately $107,000. 37.26% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

BitFuFu Stock Performance

Shares of NASDAQ FUFU traded up $0.32 during trading on Monday, reaching $5.72. 276,922 shares of the company traded hands, compared to its average volume of 200,047. The firm has a 50 day simple moving average of $4.58 and a 200-day simple moving average of $4.33. BitFuFu has a 52-week low of $2.32 and a 52-week high of $18.32. 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 posted its earnings results on Tuesday, August 20th. The company reported $0.01 EPS for the quarter. The business 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%. On average, analysts predict that BitFuFu will post 0.17 earnings per share for the current year.

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.