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

Key Points

• Mercurity Fintech's shares opened at $23.72 after closing at $24.58, indicating a significant drop, and last traded at $19.70, representing a 27.6% decline.
• The company has authorized a $10 million share buyback program, allowing for the reacquisition of up to 7.1% of its stock, suggesting the board believes the shares are undervalued.
• Institutional investors have shown increased interest, with notable acquisitions and increases in holdings from firms like Millennium Management LLC and Y Intercept Hong Kong Ltd.

Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH - Get Free Report) shares gapped down prior to trading on Wednesday . The stock had previously closed at $24.58, but opened at $23.72. Mercurity Fintech shares last traded at $19.70, with a volume of 113,284 shares traded.

Mercurity Fintech Trading Down 27.6%

The firm's fifty day moving average is $7.01 and its 200 day moving average is $5.68.

Mercurity Fintech announced that its board has authorized a share buyback program on Tuesday, July 22nd that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 7.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Millennium Management LLC acquired a new position in Mercurity Fintech during the 4th quarter valued at about $706,000. Y Intercept Hong Kong Ltd boosted its holdings in shares of Mercurity Fintech by 146.4% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 30,051 shares of the company's stock valued at $161,000 after buying an additional 17,856 shares during the last quarter. Invesco Ltd. acquired a new stake in shares of Mercurity Fintech in the 1st quarter valued at approximately $271,000. Harvest Portfolios Group Inc. acquired a new stake in Mercurity Fintech during the 1st quarter valued at $66,000. Finally, OMERS ADMINISTRATION Corp increased its position in Mercurity Fintech by 122.0% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 44,175 shares of the company's stock worth $237,000 after buying an additional 24,275 shares during the period. 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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