BitFuFu (NASDAQ:FUFU) Shares Down 4.4% – Here’s Why

BitFuFu Inc. (NASDAQ:FUFU)’s stock price dropped 4.4% on Thursday . The company traded as low as $5.33 and last traded at $5.27. Approximately 21,636 shares changed hands during trading, a decline of 86% from the average daily volume of 159,852 shares. The stock had previously closed at $5.51.

Analysts Set New Price Targets

Separately, HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of BitFuFu in a research report on Wednesday.

BitFuFu Trading Down 4.9 %

The company has a 50 day moving average of $4.90 and a 200-day moving average of $4.92. The company has a current ratio of 4.09, a quick ratio of 4.09 and a debt-to-equity ratio of 0.88.

BitFuFu (NASDAQ:FUFU) last issued its quarterly earnings results on Tuesday, March 25th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.17. BitFuFu had a net margin of 8.17% and a return on equity of 40.15%. The business had revenue of $99.29 million for the quarter, compared to analysts’ expectations of $99.29 million. Equities analysts forecast that BitFuFu Inc. will post 0.17 earnings per share for the current year.

Institutional Trading of BitFuFu

Several hedge funds have recently modified their holdings of FUFU. Wellington Management Group LLP acquired a new position in BitFuFu during the 3rd quarter worth $110,000. XTX Topco Ltd purchased a new position in shares of BitFuFu in the 3rd quarter valued at about $107,000. WINTON GROUP Ltd acquired a new position in shares of BitFuFu during the fourth quarter worth about $83,000. OLD Mission Capital LLC purchased a new stake in shares of BitFuFu during the fourth quarter worth approximately $67,000. Finally, Prospect Financial Group LLC acquired a new stake in BitFuFu in the fourth quarter valued at approximately $50,000. 37.26% of the stock is currently owned by institutional investors and hedge funds.

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.