Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH - Get Free Report) shares traded down 5.6% on Thursday . The stock traded as low as $7.90 and last traded at $7.74. 19,197 shares were traded 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 Price Performance
The firm has a 50-day moving average price of $4.80 and a two-hundred day moving average price of $4.99.
Mercurity Fintech announced that its board has authorized a stock repurchase plan on Tuesday, July 22nd that allows the company to repurchase $10.00 million in shares. This repurchase authorization allows the company to repurchase up to 7.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's management believes its shares are undervalued.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of MFH. Millennium Management LLC lifted its position in Mercurity Fintech by 671.0% in the first 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 period. Geode Capital Management LLC lifted its position in Mercurity Fintech by 1,103.8% in the second 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 period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Mercurity Fintech by 200.0% in the second 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 period. Goldman Sachs Group Inc. lifted its position in Mercurity Fintech by 120.7% in the first 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 period. Finally, Invesco Ltd. bought a new position in Mercurity Fintech in the first quarter worth $271,000. 30.82% of the stock is owned by institutional investors.
About Mercurity Fintech
(
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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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