BitFuFu (NASDAQ:FUFU) Stock Price Down 7.6% – Here’s What Happened

BitFuFu Inc. (NASDAQ:FUFU)’s stock price was down 7.6% during mid-day trading on Tuesday . The company traded as low as $4.93 and last traded at $4.99. Approximately 108,389 shares changed hands during 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 started coverage on BitFuFu in a research note on Wednesday, November 6th. They issued a “buy” rating and a $7.00 target price on the stock.

BitFuFu Stock Performance

The stock’s 50-day moving average price is $4.64 and its 200 day moving average price is $4.43. The company has a quick ratio of 4.09, a current ratio of 4.09 and a debt-to-equity ratio of 0.88.

Institutional Investors Weigh In On BitFuFu

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. XTX Topco Ltd bought a new position in shares of BitFuFu in the 3rd quarter valued at about $107,000. Jane Street Group LLC boosted its position in BitFuFu by 14.0% during the third quarter. Jane Street Group LLC now owns 16,153 shares of the company’s stock valued at $65,000 after purchasing an additional 1,984 shares during the last quarter. Finally, Wellington Management Group LLP bought a new position in BitFuFu in the third quarter valued at approximately $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.