Mercurity Fintech (NASDAQ:MFH) Stock Price Down 7.5% - Time to Sell?

Key Points

• Mercurity Fintech's stock price fell by 7.5%, trading as low as $30.52 before closing at $33.11, indicating a significant decline from its previous close of $35.79.
• Analysts have predominantly rated the stock as a Sell, with Weiss Ratings reaffirming this stance in a recent report.
• The company has initiated a $10 million share buyback plan, which typically signals that management believes the stock is undervalued.

Shares of Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH - Get Free Report) traded down 7.5% during mid-day trading on Tuesday . The stock traded as low as $30.52 and last traded at $33.11. 339,623 shares changed hands during trading, a decline of 10% from the average session volume of 376,108 shares. The stock had previously closed at $35.79.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a "sell (e+)" rating on shares of Mercurity Fintech in a research note on Saturday, September 27th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has an average rating of "Sell".

Mercurity Fintech Stock Down 10.3%

The stock's 50 day moving average is $8.89 and its two-hundred day moving average is $6.24.

Mercurity Fintech declared that its Board of Directors has authorized a share buyback plan 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 plans are generally a sign that the company's management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Police & Firemen s Retirement System of New Jersey purchased a new position in Mercurity Fintech in the 2nd quarter valued at about $28,000. Bank of America Corp DE acquired a new stake in Mercurity Fintech in the 2nd quarter valued at about $39,000. Harvest Portfolios Group Inc. acquired a new stake in Mercurity Fintech in the 1st quarter valued at about $66,000. Y Intercept Hong Kong Ltd raised its holdings in 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 acquiring an additional 17,856 shares during the last quarter. Finally, Intech Investment Management LLC acquired a new stake in Mercurity Fintech in the 2nd quarter valued at about $73,000. 30.82% of the stock is owned by hedge funds and other 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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