Mercurity Fintech (NASDAQ:MFH) Trading Down 4.5% - Should You Sell?

Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH - Get Free Report) shares traded down 4.5% during mid-day trading on Tuesday . The company traded as low as $2.04 and last traded at $2.10. 5,622,179 shares changed hands during mid-day trading, an increase of 2,195% from the average session volume of 244,963 shares. The stock had previously closed at $2.20.

Mercurity Fintech Stock Down 12.7%

The stock has a fifty day moving average price of $3.98 and a 200-day moving average price of $5.44.

Mercurity Fintech declared that its board has authorized a share buyback program on Tuesday, July 22nd that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 7.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On Mercurity Fintech

Hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC grew its position in shares of Mercurity Fintech by 16.3% in the fourth quarter. Geode Capital Management LLC now owns 29,969 shares of the company's stock valued at $205,000 after purchasing an additional 4,201 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Mercurity Fintech in the fourth quarter valued at about $420,000. 683 Capital Management LLC acquired a new stake in shares of Mercurity Fintech in the fourth quarter valued at about $423,000. Balyasny Asset Management L.P. acquired a new stake in shares of Mercurity Fintech in the fourth quarter valued at about $174,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Mercurity Fintech in the fourth quarter valued at about $108,000. 30.82% of the stock is owned by institutional investors and hedge funds.

Mercurity Fintech Company Profile

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.