BitFuFu (NASDAQ:FUFU) Stock Price Down 6.3% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

Separately, HC Wainwright assumed coverage on shares of BitFuFu in a research note on Wednesday, November 6th. They issued a “buy” rating and a $7.00 target price on the stock.

BitFuFu Price Performance

The business’s fifty day simple moving average is $4.52 and its 200 day simple moving average is $4.27. 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 posted its quarterly earnings results on Tuesday, August 20th. The company reported $0.01 earnings per share (EPS) for the quarter. BitFuFu had a return on equity of 40.15% and a net margin of 8.17%. The business had revenue of $129.42 million for the quarter. Equities analysts expect that BitFuFu Inc. will post 0.09 EPS for the current year.

Hedge Funds Weigh In On BitFuFu

An institutional investor recently bought a new position in BitFuFu stock. MMCAP International Inc. SPC purchased a new stake in BitFuFu Inc. (NASDAQ:FUFU) during the first quarter, according to its most recent filing with the SEC. The firm purchased 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. 37.26% of the stock is owned by institutional investors and hedge funds.

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.