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Mercurity Fintech (NASDAQ:MFH) Trading Up 8.8% - Still a Buy?

Mercurity Fintech logo with Business Services background

Key Points

  • Mercurity Fintech's stock rose by 8.8% with trading reaching as high as $10.88 amid significantly lower trading volume compared to its average.
  • The company's Board of Directors has **authorized a $10 million stock buyback plan**, which suggests they believe their shares are currently undervalued.
  • Institutional investors now hold **30.82%** of Mercurity Fintech's stock, indicating growing interest and investment in the company.
  • Five stocks we like better than Mercurity Fintech.

Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH - Get Free Report)'s stock price shot up 8.8% on Monday . The company traded as high as $10.57 and last traded at $10.88. 105,712 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 359,838 shares. The stock had previously closed at $10.00.

Mercurity Fintech Stock Up 18.7%

The stock has a 50 day moving average price of $5.39 and a two-hundred day moving average price of $5.17.

Mercurity Fintech announced that its Board of Directors has authorized a share buyback plan on Tuesday, July 22nd that allows the company to repurchase $10.00 million in shares. This repurchase authorization allows the company to purchase up to 7.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board believes its stock is undervalued.

Institutional Trading of Mercurity Fintech

Hedge funds and other institutional investors have recently made changes to their positions in the business. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Mercurity Fintech in the second quarter valued at $28,000. Bank of America Corp DE bought a new position in Mercurity Fintech in the second quarter valued at about $39,000. Harvest Portfolios Group Inc. bought a new position in Mercurity Fintech in the first quarter valued at about $66,000. Intech Investment Management LLC bought a new position in Mercurity Fintech in the second quarter valued at about $73,000. Finally, New York State Common Retirement Fund bought a new position in Mercurity Fintech in the second quarter valued at about $95,000. 30.82% of the stock is currently owned by institutional investors and hedge funds.

About Mercurity Fintech

(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.

See Also

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