BitFuFu (NASDAQ:FUFU) Sees Unusually-High Trading Volume – Should You Buy?

BitFuFu Inc. (NASDAQ:FUFU) saw unusually-high trading volume on Wednesday . Approximately 285,638 shares changed hands during 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.

Analyst Upgrades and Downgrades

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

BitFuFu Price Performance

The company has a current ratio of 4.09, a quick ratio of 4.09 and a debt-to-equity ratio of 0.88. The firm’s 50-day moving average is $4.50 and its 200-day moving average is $4.26.

BitFuFu (NASDAQ:FUFU) last released its earnings results on Tuesday, August 20th. The company reported $0.01 EPS for the quarter. The company had revenue of $129.42 million for the quarter. BitFuFu had a net margin of 8.17% and a return on equity of 40.15%. Equities research analysts anticipate that BitFuFu Inc. will post 0.09 EPS for the current year.

Institutional Trading of BitFuFu

An institutional investor recently bought a new position in BitFuFu stock. MMCAP International Inc. SPC acquired a new stake in shares of BitFuFu Inc. (NASDAQ:FUFU) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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. Hedge funds and other institutional investors own 37.26% of the company’s stock.

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.