Mercurity Fintech (NASDAQ:MFH) Shares Down 5.6% - Here's Why

Key Points

• Mercurity Fintech's share price fell by 5.6% to $7.74 amidst significantly lower trading volume, down 95% from its average.
• The company has authorized a $10 million share repurchase plan, indicating that its board believes the shares are undervalued.
• Institutional investors are increasing their positions, with significant boosts from firms like Millennium Management LLC and Geode Capital Management LLC, reflecting growing confidence in the stock.

Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH - Get Free Report)'s share price fell 5.6% on Thursday . The company traded as low as $7.90 and last traded at $7.74. 19,197 shares traded hands during mid-day trading, a decline of 95% from the average session volume of 364,634 shares. The stock had previously closed at $8.19.

Mercurity Fintech Stock Down 6.3%

The business's 50 day simple moving average is $4.59 and its two-hundred day simple moving average is $4.97.

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MFH. Millennium Management LLC lifted its position in shares of Mercurity Fintech by 671.0% during 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 in the last quarter. Geode Capital Management LLC lifted its position in shares of 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 purchasing an additional 394,126 shares in the last quarter. 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 valued at $510,000 after purchasing an additional 88,265 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of 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 purchasing an additional 80,452 shares in the last quarter. Finally, Invesco Ltd. bought a new position in shares of Mercurity Fintech during the first quarter valued at about $271,000. 30.82% of the stock is owned by institutional investors.

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.

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