Short Interest in BitFuFu Inc. (NASDAQ:FUFU) Drops By 8.5%

BitFuFu Inc. (NASDAQ:FUFU) was the target of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 399,700 shares, a drop of 8.5% from the October 15th total of 436,600 shares. Based on an average daily trading volume, of 80,300 shares, the days-to-cover ratio is currently 5.0 days. Currently, 2.7% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

Separately, HC Wainwright initiated coverage on BitFuFu in a report on Wednesday, November 6th. They issued a “buy” rating and a $7.00 price target for the company.

BitFuFu Stock Performance

FUFU traded down $0.31 during trading hours on Tuesday, reaching $5.41. 44,782 shares of the stock traded hands, compared to its average volume of 199,194. BitFuFu has a fifty-two week low of $2.32 and a fifty-two week high of $18.32. 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’s fifty day simple moving average is $4.58 and its two-hundred day simple moving average is $4.33.

BitFuFu (NASDAQ:FUFU) last posted its quarterly earnings data on Tuesday, August 20th. The company reported $0.01 earnings per share for the quarter. BitFuFu had a net margin of 8.17% and a return on equity of 40.15%. The company had revenue of $129.42 million during the quarter. As a group, equities research analysts anticipate that BitFuFu will post 0.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FUFU. Wellington Management Group LLP purchased a new stake in BitFuFu during the 3rd quarter worth approximately $110,000. XTX Topco Ltd purchased a new position in shares of BitFuFu during the 3rd quarter valued at approximately $107,000. Finally, Jane Street Group LLC grew 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 in the last quarter. Institutional investors and hedge funds own 37.26% of the company’s stock.

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.