Mercurity Fintech (NASDAQ:MFH) Reaches New 52-Week High - Still a Buy?

Key Points

• Mercurity Fintech's stock reached a new 52-week high, trading at $12.42 before settling at $11.66, reflecting a 16.6% increase from its previous close of $10.00.
• The company has authorized a $10 million stock buyback program, indicating confidence from its board in the undervaluation of its shares.
• Institutional investors currently hold 30.82% of Mercurity Fintech's stock, with significant new stakes added by various funds in recent quarters.

Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH - Get Free Report) shares reached a new 52-week high on Tuesday . The company traded as high as $12.42 and last traded at $11.66, with a volume of 353923 shares changing hands. The stock had previously closed at $10.00.

Mercurity Fintech Stock Up 16.6%

The business has a 50 day moving average of $5.39 and a two-hundred day moving average of $5.17.

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Mercurity Fintech during the 2nd quarter worth $28,000. Bank of America Corp DE acquired a new stake in shares of Mercurity Fintech during the 2nd quarter worth $39,000. Harvest Portfolios Group Inc. acquired a new stake in shares of Mercurity Fintech during the 1st quarter worth $66,000. Y Intercept Hong Kong Ltd grew its holdings in shares of Mercurity Fintech by 146.4% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 30,051 shares of the company's stock worth $161,000 after purchasing an additional 17,856 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new stake in shares of Mercurity Fintech during the 2nd quarter worth $73,000. Institutional investors own 30.82% of the company's stock.

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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