BitFuFu (NASDAQ:FUFU) Coverage Initiated at HC Wainwright

Investment analysts at HC Wainwright began coverage on shares of BitFuFu (NASDAQ:FUFU) in a research note issued to investors on Wednesday, Marketbeat reports. The brokerage set a “buy” rating and a $7.00 price target on the stock. HC Wainwright’s target price suggests a potential upside of 49.25% from the stock’s current price.

BitFuFu Trading Down 3.5 %

FUFU stock opened at $4.69 on Wednesday. BitFuFu has a one year low of $2.32 and a one year high of $18.32. The company’s fifty day moving average price is $4.44 and its 200-day moving average price is $4.19. The company has a debt-to-equity ratio of 0.87, a current ratio of 3.41 and a quick ratio of 3.40.

BitFuFu (NASDAQ:FUFU) last released its quarterly earnings results on Tuesday, August 20th. The company reported $0.01 earnings per share (EPS) for the quarter. The business had revenue of $129.42 million for the quarter.

Institutional Investors Weigh In On BitFuFu

A hedge fund recently bought a new stake in BitFuFu stock. MMCAP International Inc. SPC purchased a new stake in shares of BitFuFu Inc. (NASDAQ:FUFU) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 16,500 shares of the company’s stock, valued at approximately $82,000. MMCAP International Inc. SPC owned approximately 0.38% of BitFuFu as of its most recent SEC filing. 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.