Mercurity Fintech (NASDAQ:MFH) Insider Sells $24,672.90 in Stock

Key Points

• Wilfred Zhongkei Daye, an insider at Mercurity Fintech, sold 2,170 shares at an average price of $11.37, reducing his position by 5.36%.
• The share price of Mercurity Fintech has decreased by 18.2%, trading at $12.12, down from a 12-month high of $36.77.
• The company has authorized a $10 million share buyback plan, allowing it to repurchase up to 7.1% of its outstanding shares, indicating a belief that its shares are undervalued.

Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH - Get Free Report) insider Wilfred Zhongkei Daye sold 2,170 shares of the stock in a transaction that occurred on Thursday, October 16th. The stock was sold at an average price of $11.37, for a total value of $24,672.90. Following the completion of the transaction, the insider owned 38,300 shares in the company, valued at approximately $435,471. The trade was a 5.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.

Wilfred Zhongkei Daye also recently made the following trade(s):

• On Wednesday, October 15th, Wilfred Zhongkei Daye sold 1,195 shares of Mercurity Fintech stock. The stock was sold at an average price of $14.87, for a total value of $17,769.65.

Mercurity Fintech Stock Down 18.2%

Shares of MFH stock traded down $2.70 during trading hours on Thursday, reaching $12.12. The company had a trading volume of 654,599 shares, compared to its average volume of 381,732. Mercurity Fintech Holding Inc. Sponsored ADR has a 12 month low of $1.03 and a 12 month high of $36.77. The business has a fifty day simple moving average of $11.72 and a 200-day simple moving average of $7.12.

Mercurity Fintech declared that its board has authorized a share buyback plan on Tuesday, July 22nd that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 7.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a "sell (e+)" rating on shares of Mercurity Fintech in a report on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company presently has an average rating of "Sell".

Institutional Trading of Mercurity Fintech

A number of large investors have recently bought and sold shares of the company. Millennium Management LLC boosted its position in Mercurity Fintech by 671.0% during the first quarter. Millennium Management LLC now owns 797,099 shares of the company's stock worth $4,272,000 after purchasing an additional 693,720 shares during the period. Geode Capital Management LLC grew its stake in Mercurity Fintech by 1,103.8% in the 2nd quarter. Geode Capital Management LLC now owns 429,832 shares of the company's stock valued at $1,655,000 after buying an additional 394,126 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Mercurity Fintech by 120.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 147,118 shares of the company's stock valued at $789,000 after acquiring an additional 80,452 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Mercurity Fintech by 200.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 132,406 shares of the company's stock worth $510,000 after acquiring an additional 88,265 shares in the last quarter. Finally, Invesco Ltd. bought a new position in shares of Mercurity Fintech in the first quarter worth $271,000. 30.82% of the stock is owned by hedge funds and other institutional investors.

Mercurity Fintech Company Profile

Mercurity Fintech Holding Inc operates as a fintech company powered by blockchain. The company provides digital asset trading infrastructure solutions based on internet and blockchain technologies for cryptocurrency traders; and asset digitalization platform, which offers blockchain-based digitalization solutions for traditional assets, such as fiat currencies, bonds, and precious metals.

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