BitFuFu (NASDAQ:FUFU) Sees Unusually-High Trading Volume – Here’s Why

Shares of BitFuFu Inc. (NASDAQ:FUFU) saw strong trading volume on Wednesday . 285,638 shares were traded during mid-day trading, an increase of 44% from the previous session’s volume of 198,445 shares.The stock last traded at $5.91 and had previously closed at $5.80.

Analysts Set New Price Targets

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 Down 10.0 %

The company has a debt-to-equity ratio of 0.88, a current ratio of 4.09 and a quick ratio of 4.09. The stock’s fifty day moving average is $4.50 and its 200 day moving average is $4.26.

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

Hedge Funds Weigh In On BitFuFu

An institutional investor recently bought a new position in BitFuFu stock. MMCAP International Inc. SPC acquired a new position in BitFuFu Inc. (NASDAQ:FUFU) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 reporting period. 37.26% of the stock is currently owned by institutional investors.

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.