Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH - Get Free Report)'s stock price rose 8.6% during mid-day trading on Wednesday . The company traded as high as $7.20 and last traded at $7.35. Approximately 57,941 shares traded hands during trading, a decline of 84% from the average daily volume of 365,382 shares. The stock had previously closed at $6.77.
Mercurity Fintech Stock Performance
The business has a 50-day moving average price of $4.72 and a 200-day moving average price of $4.97.
Mercurity Fintech declared that its Board of Directors has initiated a share repurchase plan on Tuesday, July 22nd that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the company to buy up to 7.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Millennium Management LLC lifted its position 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 valued at $4,272,000 after buying an additional 693,720 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Mercurity Fintech by 1,103.8% during the second quarter. Geode Capital Management LLC now owns 429,832 shares of the company's stock worth $1,655,000 after purchasing an additional 394,126 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Mercurity Fintech by 120.7% during the first quarter. Goldman Sachs Group Inc. now owns 147,118 shares of the company's stock worth $789,000 after purchasing an additional 80,452 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Mercurity Fintech by 200.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 132,406 shares of the company's stock worth $510,000 after purchasing an additional 88,265 shares in the last quarter. Finally, Invesco Ltd. purchased a new stake in shares of Mercurity Fintech during the first quarter worth approximately $271,000. Hedge funds and other institutional investors own 30.82% of the company's stock.
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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