BitFuFu (NASDAQ:FUFU) Trading 5.5% Higher – Still a Buy?

BitFuFu Inc. (NASDAQ:FUFU)’s stock price was up 5.5% during mid-day trading on Friday . The company traded as high as $5.53 and last traded at $5.53. Approximately 35,140 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 196,678 shares. The stock had previously closed at $5.24.

Wall Street Analyst Weigh In

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

BitFuFu Price Performance

The stock has a 50 day moving average price of $4.67 and a two-hundred day moving average price of $4.44. The company has a quick ratio of 4.09, a current ratio of 4.09 and a debt-to-equity ratio of 0.88.

Institutional Trading of BitFuFu

Several hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP acquired a new position in BitFuFu during the 3rd quarter worth $110,000. XTX Topco Ltd bought a new position in BitFuFu in the third quarter valued at about $107,000. Finally, Jane Street Group LLC raised its holdings 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 purchasing an additional 1,984 shares during the last quarter. 37.26% of the stock is owned by institutional investors.

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.