BitFuFu (NASDAQ:FUFU) Sees Strong Trading Volume – Should You Buy?

BitFuFu Inc. (NASDAQ:FUFU) saw unusually-strong trading volume on Monday . Approximately 717,210 shares changed hands during mid-day trading, an increase of 242% from the previous session’s volume of 209,643 shares.The stock last traded at $3.51 and had previously closed at $3.52.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of BitFuFu in a research note on Friday.

BitFuFu Stock Performance

The firm has a 50-day moving average price of $3.87 and a two-hundred day moving average price of $4.66. 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 firm has a market capitalization of $567.61 million, a P/E ratio of 174.00 and a beta of 0.33.

BitFuFu (NASDAQ:FUFU) last released its quarterly earnings data on Thursday, June 5th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.14). The company had revenue of $99.82 million during the quarter, compared to analysts’ expectations of $114.03 million. BitFuFu had a net margin of 8.17% and a return on equity of 40.15%. On average, analysts forecast that BitFuFu Inc. will post 0.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Prospect Financial Group LLC bought a new stake in BitFuFu during the 4th quarter valued at $50,000. Wedbush Securities Inc. purchased a new position in shares of BitFuFu during the first quarter valued at $50,000. Jane Street Group LLC bought a new stake in shares of BitFuFu in the first quarter valued at about $57,000. OLD Mission Capital LLC purchased a new stake in BitFuFu in the fourth quarter worth about $67,000. Finally, WINTON GROUP Ltd bought a new stake in shares of BitFuFu in the 4th quarter valued at about $83,000. Institutional investors own 37.26% of the company’s stock.

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.