Shares of Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH - Get Free Report) shot up 8.6% on Wednesday . The stock traded as high as $7.20 and last traded at $7.35. 57,941 shares were traded during mid-day trading, a decline of 84% from the average session volume of 365,382 shares. The stock had previously closed at $6.77.
Mercurity Fintech Stock Up 14.5%
The company has a 50 day moving average of $4.51 and a two-hundred day moving average of $4.95.
Mercurity Fintech announced that its board has approved a share repurchase program on Tuesday, July 22nd that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 7.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.
Institutional Investors Weigh In On Mercurity Fintech
Institutional investors have recently modified their holdings of the stock. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Mercurity Fintech in the second quarter worth $28,000. Bank of America Corp DE bought a new position in shares of Mercurity Fintech during the second quarter valued at $39,000. Harvest Portfolios Group Inc. bought a new position in shares of Mercurity Fintech during the first quarter valued at $66,000. Cubist Systematic Strategies LLC bought a new position in shares of Mercurity Fintech during the fourth quarter valued at $108,000. Finally, Intech Investment Management LLC bought a new position in shares of Mercurity Fintech during the second quarter valued at $73,000. 30.82% of the stock is owned by hedge funds and other institutional investors.
Mercurity Fintech Company Profile
(
Get Free Report)
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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