BitFuFu (NASDAQ:FUFU) Trading 7.4% Higher – Time to Buy?

BitFuFu Inc. (NASDAQ:FUFU)’s stock price rose 7.4% on Friday . The stock traded as high as $5.77 and last traded at $5.69. Approximately 160,201 shares traded hands during trading, a decline of 18% from the average daily volume of 195,950 shares. The stock had previously closed at $5.30.

Analysts Set New Price Targets

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

BitFuFu Price Performance

The company has a quick ratio of 4.09, a current ratio of 4.09 and a debt-to-equity ratio of 0.88. The firm has a 50 day moving average price of $4.81 and a 200-day moving average price of $4.52.

Institutional Trading of BitFuFu

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP purchased a new stake in BitFuFu in the 3rd quarter worth approximately $110,000. XTX Topco Ltd purchased a new position in shares of BitFuFu during the 3rd quarter valued at approximately $107,000. Finally, Jane Street Group LLC lifted its stake in shares of BitFuFu by 14.0% in the 3rd quarter. Jane Street Group LLC now owns 16,153 shares of the company’s stock valued at $65,000 after purchasing an additional 1,984 shares during the period. 37.26% of the stock is owned by institutional investors and hedge funds.

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.