BitFuFu (NASDAQ:FUFU) Trading Down 6.3% – What’s Next?

BitFuFu Inc. (NASDAQ:FUFU)’s stock price was down 6.3% during trading on Tuesday . The company traded as low as $4.98 and last traded at $5.20. Approximately 143,407 shares changed hands during trading, a decline of 27% from the average daily volume of 196,746 shares. The stock had previously closed at $5.55.

Analyst Upgrades and Downgrades

Separately, HC Wainwright started 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 company has a debt-to-equity ratio of 0.88, a current ratio of 4.09 and a quick ratio of 3.40. The firm has a fifty day moving average of $4.47 and a 200-day moving average of $4.24.

BitFuFu (NASDAQ:FUFU) last announced 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. BitFuFu had a return on equity of 40.15% and a net margin of 8.17%. On average, research analysts forecast that BitFuFu Inc. will post 0.09 earnings per share for the current year.

Institutional Trading of BitFuFu

A hedge fund recently bought a new stake in BitFuFu stock. MMCAP International Inc. SPC bought a new stake in BitFuFu Inc. (NASDAQ:FUFU) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 16,500 shares of the company’s stock, valued at approximately $82,000. MMCAP International Inc. SPC owned 0.38% of BitFuFu at the end of the most recent reporting period. 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.