BitFuFu (NASDAQ:FUFU) Shares Down 7.6% – Here’s Why

BitFuFu Inc. (NASDAQ:FUFU) was down 7.6% during trading on Tuesday . The company traded as low as $4.93 and last traded at $4.99. Approximately 108,389 shares were traded during mid-day trading, a decline of 45% from the average daily volume of 197,892 shares. The stock had previously closed at $5.40.

Analyst Ratings Changes

Separately, HC Wainwright began coverage on BitFuFu in a report on Wednesday, November 6th. They set a “buy” rating and a $7.00 target price on the stock.

BitFuFu Stock Performance

The firm’s 50 day moving average is $4.64 and its two-hundred day moving average is $4.43. The company has a debt-to-equity ratio of 0.88, a quick ratio of 4.09 and a current ratio of 4.09.

Hedge Funds Weigh In On BitFuFu

A number of hedge funds and other institutional investors have recently made changes to their positions in FUFU. Jane Street Group LLC increased its position in shares of BitFuFu by 14.0% in the 3rd quarter. Jane Street Group LLC now owns 16,153 shares of the company’s stock valued at $65,000 after buying an additional 1,984 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of BitFuFu in the third quarter worth about $107,000. Finally, Wellington Management Group LLP acquired a new stake in shares of BitFuFu during the third quarter worth about $110,000. 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.