BitFuFu (NASDAQ:FUFU) Stock Price Down 4.9% – Time to Sell?

BitFuFu Inc. (NASDAQ:FUFU)’s share price dropped 4.9% during trading on Tuesday . The stock traded as low as $5.58 and last traded at $5.67. Approximately 41,297 shares traded hands during trading, a decline of 77% from the average daily volume of 176,089 shares. The stock had previously closed at $5.96.

Wall Street Analyst Weigh In

Separately, HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of BitFuFu in a research report on Monday, December 9th.

BitFuFu Trading Down 8.7 %

The company’s 50-day simple moving average is $5.26 and its 200-day simple moving average is $4.81. The company has a debt-to-equity ratio of 0.88, a current ratio of 4.09 and a quick ratio of 4.09.

Institutional Investors Weigh In On BitFuFu

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Jane Street Group LLC boosted its position in shares of BitFuFu by 14.0% in the 3rd 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 period. XTX Topco Ltd purchased a new stake in BitFuFu during the third quarter valued at about $107,000. Finally, Wellington Management Group LLP acquired a new position in shares of BitFuFu in the third quarter worth about $110,000. 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.