BitFuFu (NASDAQ:FUFU) Stock Price Up 4.9% – Here’s Why

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

Analyst Upgrades and Downgrades

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

BitFuFu Stock Down 1.3 %

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

BitFuFu (NASDAQ:FUFU) last posted its earnings results on Tuesday, August 20th. The company reported $0.01 earnings per share (EPS) for the quarter. The firm 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%. Equities analysts forecast that BitFuFu Inc. will post 0.09 EPS for the current fiscal year.

Institutional Trading of BitFuFu

A hedge fund recently bought a new stake in BitFuFu stock. MMCAP International Inc. SPC bought a new position in BitFuFu Inc. (NASDAQ:FUFU) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 16,500 shares of the company’s stock, valued at approximately $82,000. MMCAP International Inc. SPC owned approximately 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.