Mercurity Fintech (NASDAQ:MFH) Shares Down 7.2% - Should You Sell?

Key Points

• Mercurity Fintech's stocks fell by 7.2%, trading at $12.36 after hitting a low of $12.52, with trading volume down 76% compared to the average.
• The board approved a $10 million stock buyback plan, indicating confidence in the company's undervaluation, allowing the repurchase of up to 7.1% of its outstanding shares.
• Institutional investors collectively own 30.82% of Mercurity Fintech's stock, with several significant new positions acquired recently.

Shares of Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH - Get Free Report) fell 7.2% on Wednesday . The stock traded as low as $12.52 and last traded at $12.36. 88,323 shares changed hands during trading, a decline of 76% from the average session volume of 361,124 shares. The stock had previously closed at $13.32.

Mercurity Fintech Trading Down 8.1%

The company's fifty day moving average price is $5.58 and its two-hundred day moving average price is $5.22.

Mercurity Fintech declared that its board has approved a stock buyback plan on Tuesday, July 22nd that allows the company to repurchase $10.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 7.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Institutional Trading of Mercurity Fintech

Several large investors have recently bought and sold shares of the company. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Mercurity Fintech in the 2nd quarter worth approximately $28,000. Bank of America Corp DE purchased a new position in Mercurity Fintech during the 2nd quarter valued at about $39,000. Harvest Portfolios Group Inc. acquired a new stake in shares of Mercurity Fintech during the 1st quarter valued at about $66,000. Intech Investment Management LLC acquired a new stake in shares of Mercurity Fintech during the 2nd quarter valued at about $73,000. Finally, New York State Common Retirement Fund acquired a new stake in shares of Mercurity Fintech during the 2nd quarter valued at about $95,000. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.