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

Key Points

• Mercurity Fintech shares opened down at $6.39 after closing at $6.99, reflecting a gap down in price before the market opened.
• The company has authorized a $10 million share repurchase plan, allowing it to buy back up to 7.1% of its stock, indicating management believes the stock is undervalued.
• Institutional investors currently own 30.82% of Mercurity Fintech's stock, with notable recent investments including Millennium Management LLC and Balyasny Asset Management L.P.

Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH - Get Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $6.99, but opened at $6.39. Mercurity Fintech shares last traded at $7.25, with a volume of 111,383 shares changing hands.

Mercurity Fintech Stock Performance

The stock has a 50 day simple moving average of $4.41 and a 200-day simple moving average of $4.97.

Mercurity Fintech announced that its board has approved a share buyback plan on Tuesday, July 22nd that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 7.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of America Corp DE bought a new position in shares of Mercurity Fintech during the 2nd quarter valued at approximately $39,000. 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 buying an additional 88,265 shares during the last quarter. Marshall Wace LLP purchased a new position in Mercurity Fintech during the second quarter worth $100,000. New York State Common Retirement Fund bought a new position in Mercurity Fintech during the second quarter valued at $95,000. Finally, Intech Investment Management LLC purchased a new stake in shares of Mercurity Fintech in the second quarter valued at $73,000. 30.82% of the stock is currently owned by institutional investors.

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.