Mercurity Fintech (NASDAQ:MFH) Trading Up 14.4% - Here's Why

Key Points

• Mercurity Fintech's stock price jumped 14.4%, reaching a high of $13.00 before closing at $13.62, despite a significant drop in trading volume.
• The company announced a $10 million share repurchase plan, indicating that the board believes the stock is undervalued.
• Hedge fund activity was notable, with several institutions significantly increasing their holdings in Mercurity Fintech, indicating growing institutional interest.

Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH - Get Free Report) rose 14.4% on Tuesday . The company traded as high as $13.00 and last traded at $13.62. Approximately 60,913 shares changed hands during trading, a decline of 84% from the average daily volume of 379,935 shares. The stock had previously closed at $11.90.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a "sell (e+)" rating on shares of Mercurity Fintech in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Sell".

Mercurity Fintech Stock Up 6.0%

The company's 50 day simple moving average is $12.24 and its two-hundred day simple moving average is $7.30.

Mercurity Fintech announced that its board has approved a share repurchase plan on Tuesday, July 22nd that allows the company to repurchase $10.00 million in shares. This repurchase authorization allows the company to purchase up to 7.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board believes its stock is undervalued.

Hedge Funds Weigh In On Mercurity Fintech

Several hedge funds and other institutional investors have recently modified their holdings of MFH. Millennium Management LLC grew its position in 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 raised its stake 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 worth $1,655,000 after acquiring an additional 394,126 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in 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 worth $510,000 after acquiring an additional 88,265 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Mercurity Fintech by 120.7% in the first 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 during the period. Finally, Invesco Ltd. purchased a new position in shares of Mercurity Fintech in the first quarter worth about $271,000. 30.82% of the stock is owned by hedge funds and other institutional investors.

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.

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