BitFuFu (NASDAQ:FUFU) Shares Gap Up – Time to Buy?

BitFuFu Inc. (NASDAQ:FUFU) gapped up prior to trading on Monday . The stock had previously closed at $5.01, but opened at $5.40. BitFuFu shares last traded at $5.36, with a volume of 4,953 shares traded.

Wall Street Analysts Forecast Growth

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 target price on the stock.

BitFuFu Price Performance

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 50-day moving average price of $4.64 and a 200-day moving average price of $4.42.

Hedge Funds Weigh In On BitFuFu

Several institutional investors and hedge funds have recently added to or reduced their stakes in FUFU. Jane Street Group LLC increased 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 worth $65,000 after acquiring an additional 1,984 shares in the last quarter. XTX Topco Ltd purchased a new stake in BitFuFu in the third quarter worth about $107,000. Finally, Wellington Management Group LLP purchased a new position in shares of BitFuFu during the third quarter valued at approximately $110,000. Hedge funds and other 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.