Mercurity Fintech (NASDAQ:MFH) Reaches New 12-Month High - Still a Buy?

Key Points

• Mercurity Fintech reached a new 52-week high of $9.85, trading at $9.54 with a volume of 200,046 shares, significantly higher than its previous close of $8.03.
• The company's Board of Directors has authorized a $10 million share repurchase plan, indicating that management believes the stock is undervalued.
• Institutional investors, including Millennium Management and Geode Capital Management, have significantly increased their stakes in Mercurity Fintech, demonstrating growing confidence in the company's prospects.

Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH - Get Free Report)'s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $9.85 and last traded at $9.54, with a volume of 200046 shares trading hands. The stock had previously closed at $8.03.

Mercurity Fintech Stock Up 1.4%

The business has a 50 day simple moving average of $5.24 and a 200 day simple moving average of $5.12.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of MFH. Millennium Management LLC increased its holdings in shares of Mercurity Fintech by 671.0% in the first quarter. Millennium Management LLC now owns 797,099 shares of the company's stock valued at $4,272,000 after purchasing an additional 693,720 shares during the period. Geode Capital Management LLC raised its position in Mercurity Fintech by 1,103.8% during the second quarter. Geode Capital Management LLC now owns 429,832 shares of the company's stock valued at $1,655,000 after acquiring an additional 394,126 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in 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 valued at $510,000 after acquiring an additional 88,265 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Mercurity Fintech by 120.7% during the first 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 in the last quarter. Finally, Invesco Ltd. purchased a new position in Mercurity Fintech during the first quarter valued at approximately $271,000. 30.82% of the stock is owned by institutional investors and hedge funds.

About Mercurity Fintech

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.