BitFuFu (NASDAQ:FUFU) Stock Price Down 7.6% – What’s Next?

BitFuFu Inc. (NASDAQ:FUFU)’s share price dropped 7.6% on Tuesday . The company traded as low as $4.93 and last traded at $4.99. Approximately 108,389 shares traded hands during trading, a decline of 45% from the average daily volume of 197,892 shares. The stock had previously closed at $5.40.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright started coverage on BitFuFu in a research note on Wednesday, November 6th. They set a “buy” rating and a $7.00 price target for the company.

BitFuFu Stock Down 7.2 %

The business’s fifty day moving average is $4.64 and its two-hundred day moving average is $4.42. The company has a debt-to-equity ratio of 0.88, a current ratio of 4.09 and a quick ratio of 4.09.

Hedge Funds Weigh In On BitFuFu

A number of institutional investors and hedge funds have recently modified their holdings of FUFU. Wellington Management Group LLP purchased a new stake in shares of BitFuFu during the third quarter valued at $110,000. XTX Topco Ltd bought a new position in BitFuFu in the 3rd quarter worth about $107,000. Finally, Jane Street Group LLC increased 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 acquiring an additional 1,984 shares during the period. Hedge funds and other institutional investors 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.