Mercurity Fintech (NASDAQ:MFH) Trading Down 6.3% - Here's What Happened

Key Points

• Mercurity Fintech's stock price fell by 6.3% to around $11.90, with trading volume down by 48% compared to its average.
• Weiss Ratings maintains a "sell (e+)" rating on the company, reflecting a consensus of negative analyst sentiment.
• The company has authorized a $10 million share buyback plan, indicating management's belief that its shares may be undervalued.

Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH - Get Free Report)'s stock price was down 6.3% during trading on Monday . The stock traded as low as $11.18 and last traded at $11.90. Approximately 294,900 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 567,856 shares. The stock had previously closed at $12.70.

Analyst Ratings Changes

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

Mercurity Fintech Price Performance

The stock has a fifty day simple moving average of $12.24 and a two-hundred day simple moving average of $7.30.

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 outstanding shares. This repurchase authorization allows the company to reacquire up to 7.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On Mercurity Fintech

A number of institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC boosted its holdings in Mercurity Fintech by 671.0% in the 1st quarter. Millennium Management LLC now owns 797,099 shares of the company's stock valued at $4,272,000 after purchasing an additional 693,720 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Mercurity Fintech by 1,103.8% in the 2nd quarter. Geode Capital Management LLC now owns 429,832 shares of the company's stock valued at $1,655,000 after purchasing an additional 394,126 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Mercurity Fintech by 120.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 147,118 shares of the company's stock valued at $789,000 after purchasing an additional 80,452 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Mercurity Fintech by 200.0% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 132,406 shares of the company's stock valued at $510,000 after acquiring an additional 88,265 shares during the period. Finally, Invesco Ltd. acquired a new stake in shares of Mercurity Fintech during the 1st quarter valued at approximately $271,000. Hedge funds and other 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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