BitFuFu (NASDAQ:FUFU) Shares Gap Up – What’s Next?

BitFuFu Inc. (NASDAQ:FUFU) gapped up before the market opened 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.

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 target for the company.

BitFuFu Price Performance

The firm’s 50 day moving average price is $4.64 and its two-hundred day moving average price is $4.42. The company has a debt-to-equity ratio of 0.88, a current ratio of 4.09 and a quick ratio of 4.09.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FUFU. Jane Street Group LLC grew its position in BitFuFu by 14.0% in the third 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 shares of BitFuFu during the third quarter valued at approximately $107,000. Finally, Wellington Management Group LLP bought a new position in shares of BitFuFu in the third quarter worth 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.