Mercurity Fintech (NASDAQ:MFH) Insider Wilfred Zhongkei Daye Sells 1,195 Shares

Key Points

• Wilfred Zhongkei Daye, an insider at Mercurity Fintech, sold 1,195 shares at an average price of $14.87 on October 15th, reducing his ownership by 2.87% to 40,470 shares.
• The company's stock has recently dropped 18.2%, closing at $12.12, with shares trading below its twelve-month high of $36.77.
• Mercurity Fintech's board authorized a $10.00 million stock buyback program, indicating a belief that the stock is undervalued.

Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH - Get Free Report) insider Wilfred Zhongkei Daye sold 1,195 shares of Mercurity Fintech stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $14.87, for a total value of $17,769.65. Following the completion of the transaction, the insider owned 40,470 shares of the company's stock, valued at approximately $601,788.90. This trade represents a 2.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

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

• On Thursday, October 16th, Wilfred Zhongkei Daye sold 2,170 shares of Mercurity Fintech stock. The stock was sold at an average price of $11.37, for a total value of $24,672.90.

Mercurity Fintech Trading Down 18.2%

MFH traded down $2.70 on Thursday, hitting $12.12. 654,599 shares of the company were exchanged, compared to its average volume of 381,732. Mercurity Fintech Holding Inc. Sponsored ADR has a twelve month low of $1.03 and a twelve month high of $36.77. The firm has a 50-day moving average price of $11.72 and a two-hundred day moving average price of $7.12.

Mercurity Fintech declared that its board has approved a stock buyback program on Tuesday, July 22nd that authorizes the company to buyback $10.00 million in shares. This buyback authorization authorizes the company to repurchase up to 7.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Mercurity Fintech

A number of large investors have recently modified their holdings of the company. Bank of America Corp DE purchased a new stake in shares of Mercurity Fintech in the 2nd quarter valued at approximately $39,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Mercurity Fintech by 200.0% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 132,406 shares of the company's stock valued at $510,000 after buying an additional 88,265 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Mercurity Fintech in the 2nd quarter valued at $100,000. New York State Common Retirement Fund acquired a new position in shares of Mercurity Fintech in the 2nd quarter valued at $95,000. Finally, Intech Investment Management LLC acquired a new position in shares of Mercurity Fintech in the 2nd quarter valued at $73,000. 30.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

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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