BitFuFu (NASDAQ:FUFU) Trading 5.5% Higher – Here’s Why

BitFuFu Inc. (NASDAQ:FUFU)’s stock price rose 5.5% during trading on Friday . The company traded as high as $5.53 and last traded at $5.53. Approximately 35,140 shares changed hands during trading, a decline of 82% from the average daily volume of 196,678 shares. The stock had previously closed at $5.24.

Wall Street Analysts Forecast Growth

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

BitFuFu Stock Up 4.2 %

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 stock has a fifty day moving average price of $4.71 and a 200-day moving average price of $4.46.

Institutional Investors Weigh In On BitFuFu

Several institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP acquired a new position in BitFuFu in the 3rd quarter worth $110,000. XTX Topco Ltd acquired a new position in shares of BitFuFu during the third quarter worth about $107,000. Finally, Jane Street Group LLC boosted its position in shares of BitFuFu by 14.0% during the third quarter. Jane Street Group LLC now owns 16,153 shares of the company’s stock worth $65,000 after buying an additional 1,984 shares during the period. 37.26% of the stock is 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.