Mercurity Fintech (NASDAQ:MFH) Shares Up 7.1% - Here's What Happened

Key Points

• Mercurity Fintech's share price increased by 7.1%, reaching $8.60, after a substantial decline in trading volume, which was down 81% from its average.
• The company's Board of Directors has authorized a $10 million stock repurchase program, indicating confidence that the stock is undervalued.
• Notable institutional investors, including Millennium Management and Geode Capital Management, have significantly increased their stakes in Mercurity Fintech recently.

Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH - Get Free Report)'s share price rose 7.1% on Tuesday . The company traded as high as $8.60 and last traded at $8.60. Approximately 69,983 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 361,138 shares. The stock had previously closed at $8.03.

Mercurity Fintech Trading Up 18.8%

The business has a 50-day moving average of $4.80 and a two-hundred day moving average of $4.99.

Mercurity Fintech announced that its Board of Directors has authorized a stock repurchase program on Tuesday, July 22nd that allows the company to repurchase $10.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 7.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Institutional Investors Weigh In On Mercurity Fintech

Several large investors have recently modified their holdings of MFH. Millennium Management LLC boosted its holdings in shares of Mercurity Fintech by 671.0% during the 1st quarter. Millennium Management LLC now owns 797,099 shares of the company's stock worth $4,272,000 after buying an additional 693,720 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Mercurity Fintech by 1,103.8% in the 2nd quarter. Geode Capital Management LLC now owns 429,832 shares of the company's stock valued at $1,655,000 after buying an additional 394,126 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Mercurity Fintech by 200.0% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 132,406 shares of the company's stock valued at $510,000 after buying an additional 88,265 shares during the period. Goldman Sachs Group Inc. increased its position in Mercurity Fintech by 120.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 147,118 shares of the company's stock valued at $789,000 after buying an additional 80,452 shares in the last quarter. Finally, Invesco Ltd. bought a new position in Mercurity Fintech in the first quarter worth approximately $271,000. 30.82% of the stock is currently owned by institutional investors and hedge funds.

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.

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