BitFuFu (NASDAQ:FUFU) Trading Down 7.6% – Time to Sell?

Shares of BitFuFu Inc. (NASDAQ:FUFU) fell 7.6% during trading on Tuesday . The stock traded as low as $4.93 and last traded at $4.99. 108,389 shares changed hands during trading, a decline of 45% from the average session volume of 197,892 shares. The stock had previously closed at $5.40.

Analyst Upgrades and Downgrades

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

BitFuFu Stock Down 7.2 %

The company has a debt-to-equity ratio of 0.88, a quick ratio of 4.09 and a current ratio of 4.09. The firm’s 50-day simple moving average is $4.64 and its 200-day simple moving average is $4.42.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP purchased a new position in shares of BitFuFu in the third quarter worth $110,000. XTX Topco Ltd bought a new position in BitFuFu in the third quarter worth approximately $107,000. Finally, Jane Street Group LLC boosted its stake in shares of BitFuFu by 14.0% during the 3rd 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 last quarter. 37.26% of the stock is owned by hedge funds and other institutional investors.

BitFuFu Company Profile

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.