Mercurity Fintech (NASDAQ:MFH) Trading Down 9.1% - Here's Why

Key Points

• Mercurity Fintech stock fell by 9.1% to trade at $11.55, significantly below its previous closing price of $12.70, indicating a sharp decline in investor sentiment.
• Weiss Ratings reiterated a "sell (e+)" rating for Mercurity Fintech, suggesting broader analyst consensus on the stock's negative outlook.
• The company has initiated a stock buyback program worth $10 million, which typically signals that the board believes the stock is undervalued.

Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH - Get Free Report) dropped 9.1% on Monday . The company traded as low as $12.49 and last traded at $11.55. Approximately 29,116 shares changed hands during trading, a decline of 92% from the average daily volume of 380,252 shares. The stock had previously closed at $12.70.

Wall Street Analyst Weigh In

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

Mercurity Fintech Stock Down 6.3%

The business has a 50 day moving average price of $12.07 and a two-hundred day moving average price of $7.25.

Mercurity Fintech declared that its board has authorized a stock buyback plan on Tuesday, July 22nd that authorizes the company to buyback $10.00 million in shares. This buyback authorization authorizes the company to reacquire up to 7.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Millennium Management LLC increased its stake in shares of Mercurity Fintech by 671.0% during the 1st quarter. Millennium Management LLC now owns 797,099 shares of the company's stock worth $4,272,000 after purchasing an additional 693,720 shares during the last quarter. Geode Capital Management LLC increased its position in Mercurity Fintech by 1,103.8% in the second quarter. Geode Capital Management LLC now owns 429,832 shares of the company's stock worth $1,655,000 after buying an additional 394,126 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Mercurity Fintech by 120.7% in the first quarter. Goldman Sachs Group Inc. now owns 147,118 shares of the company's stock worth $789,000 after buying an additional 80,452 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Mercurity Fintech by 200.0% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 132,406 shares of the company's stock valued at $510,000 after buying an additional 88,265 shares during the period. Finally, Invesco Ltd. purchased a new position in shares of Mercurity Fintech during the 1st quarter valued at $271,000. 30.82% of the stock is owned by institutional investors.

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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