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Mercurity Fintech (NASDAQ:MFH) Trading Down 5.3% - Here's Why

Mercurity Fintech logo with Business Services background

Key Points

  • Mercurity Fintech's shares fell by 5.3% during mid-day trading, with a last traded value of $9.79, significantly below its previous closing price of $10.33.
  • The company has initiated a stock repurchase program, authorizing up to **$10 million** to buy back shares, reflecting the board's belief that the stock may be undervalued.
  • Institutional investors significantly increased their stakes, with Millennium Management's holdings growing by **671%**, indicating strong institutional interest in Mercurity Fintech.
  • MarketBeat previews top five stocks to own in October.

Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH - Get Free Report) shares were down 5.3% during mid-day trading on Thursday . The company traded as low as $9.36 and last traded at $9.79. Approximately 103,357 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 359,193 shares. The stock had previously closed at $10.33.

Mercurity Fintech Trading Up 1.4%

The stock has a fifty day moving average of $5.24 and a two-hundred day moving average of $5.12.

Mercurity Fintech announced that its board has approved a stock buyback plan on Tuesday, July 22nd that permits the company to repurchase $10.00 million in shares. This repurchase authorization permits the company to purchase up to 7.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MFH. Millennium Management LLC boosted its position in shares of Mercurity Fintech by 671.0% in the 1st 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 last quarter. Geode Capital Management LLC boosted its position in shares of Mercurity Fintech by 1,103.8% in the 2nd quarter. Geode Capital Management LLC now owns 429,832 shares of the company's stock worth $1,655,000 after purchasing an additional 394,126 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position 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 worth $510,000 after purchasing an additional 88,265 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Mercurity Fintech by 120.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 147,118 shares of the company's stock worth $789,000 after purchasing an additional 80,452 shares during the last quarter. Finally, Invesco Ltd. bought a new position in shares of Mercurity Fintech in the 1st quarter worth $271,000. 30.82% of the stock is currently owned by institutional investors.

Mercurity Fintech Company Profile

(Get Free Report)

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.

Further Reading

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