Shares of Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH - Get Free Report) dropped 4.5% during mid-day trading on Tuesday . The stock traded as low as $2.04 and last traded at $2.10. Approximately 5,622,179 shares changed hands during mid-day trading, an increase of 2,195% from the average daily volume of 244,963 shares. The stock had previously closed at $2.20.
Mercurity Fintech Stock Down 11.7%
The company has a fifty day moving average price of $3.93 and a 200-day moving average price of $5.41.
Mercurity Fintech declared that its board has authorized a share repurchase program on Tuesday, July 22nd that allows the company to repurchase $10.00 million in shares. This repurchase authorization allows the company to reacquire up to 7.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's management believes its stock is undervalued.
Hedge Funds Weigh In On Mercurity Fintech
Large investors have recently bought and sold shares of the business. Harvest Portfolios Group Inc. acquired a new position in Mercurity Fintech in the 1st quarter worth about $66,000. Cubist Systematic Strategies LLC purchased a new stake in Mercurity Fintech during the 4th quarter worth approximately $108,000. OMERS ADMINISTRATION Corp purchased a new stake in Mercurity Fintech during the 4th quarter worth approximately $136,000. Y Intercept Hong Kong Ltd increased its stake in Mercurity Fintech by 146.4% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 30,051 shares of the company's stock worth $161,000 after buying an additional 17,856 shares in the last quarter. Finally, Balyasny Asset Management L.P. purchased a new stake in Mercurity Fintech during the 4th quarter worth approximately $174,000. Institutional investors and hedge funds 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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