Mercurity Fintech (NASDAQ:MFH) Trading Down 10.2% - Should You Sell?

Key Points

• Mercurity Fintech's stock price fell 10.2%, trading as low as $20.20, with a significant reduction in trading volume down to 129,162 shares, compared to an average of 374,857 shares.
• Analysts have rated Mercurity Fintech with a "sell (e+)" rating, indicating a lack of confidence in the stock's performance.
• The company has initiated a $10 million share repurchase plan, reflecting the board's belief that the stock is undervalued.

Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH - Get Free Report)'s stock price dropped 10.2% during trading on Monday . The company traded as low as $20.20 and last traded at $20.70. Approximately 129,162 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 374,857 shares. The stock had previously closed at $23.06.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Mercurity Fintech in a research report on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has an average rating of "Sell".

Mercurity Fintech Price Performance

The business's 50-day simple moving average is $10.89 and its 200 day simple moving average is $6.89.

Mercurity Fintech announced 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 shares. This buyback authorization allows the company to reacquire up to 7.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Mercurity Fintech

A number of hedge funds have recently modified their holdings of MFH. Y Intercept Hong Kong Ltd grew its position in shares of Mercurity Fintech by 146.4% during 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 period. Invesco Ltd. bought a new stake in shares of Mercurity Fintech during the 1st quarter valued at $271,000. Harvest Portfolios Group Inc. bought a new stake in shares of Mercurity Fintech during the 1st quarter valued at $66,000. OMERS ADMINISTRATION Corp grew its position in shares of Mercurity Fintech by 122.0% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 44,175 shares of the company's stock valued at $237,000 after acquiring an additional 24,275 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Mercurity Fintech during the 1st quarter valued at $237,000. Institutional investors own 30.82% of the company's stock.

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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