MMTec (NASDAQ:MTC) Trading Up 6.1% - Here's What Happened

Key Points

• MMTec shares jumped 6.1% on Wednesday to an intraday high of $6.00 and last traded at $5.93, with volume of 37,683 shares (about 13% above the average).
• Despite the rally, analysts maintain a consensus Sell rating—Weiss Ratings reaffirmed a "sell (d-)" and Wall Street Zen also rates the stock as "sell."
• The stock trades well above its technicals (50‑day $3.95, 200‑day $2.56) but has very low institutional ownership (~0.25%), though a few firms (Renaissance, Susquehanna, Marex) recently took small positions.

MMTec, Inc. (NASDAQ:MTC - Get Free Report) shot up 6.1% on Wednesday . The stock traded as high as $6.00 and last traded at $5.93. 37,683 shares traded hands during mid-day trading, an increase of 13% from the average session volume of 33,398 shares. The stock had previously closed at $5.59.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of MMTec in a research report on Monday, December 29th. Wall Street Zen upgraded shares of MMTec to a "sell" rating in a research note on Saturday, December 13th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has a consensus rating of "Sell".

MMTec Trading Up 6.1%

The firm has a 50-day moving average of $3.95 and a two-hundred day moving average of $2.56.

Institutional Trading of MMTec

Several institutional investors have recently added to or reduced their stakes in MTC. Renaissance Technologies LLC acquired a new position in shares of MMTec during the 4th quarter valued at $92,000. Susquehanna International Group LLP lifted its stake in MMTec by 648.5% during the 3rd quarter. Susquehanna International Group LLP now owns 89,595 shares of the company's stock valued at $74,000 after acquiring an additional 77,625 shares in the last quarter. Finally, Marex Group plc purchased a new position in MMTec during the second quarter worth about $36,000. 0.25% of the stock is currently owned by institutional investors.

About MMTec

MMTec, Inc, together with its subsidiaries, develops and deploys platforms that enable financial institutions to engage in securities market transactions and settlements worldwide. The company operates in two segments, Gujia and MM Global. It offers Internet-based securities solutions comprising Securities Dealers Trading System, which supports securities registration and clearing, account management, risk management, trading and execution, and third party access middleware; Private Fund Investment Management System that supports multi-account management, fund valuation, risk management, quantitative trading access, liquidation, and requisition management; and Mobile Transaction Individual Client System and PC Client System for Apple IOS, Android, PC, and Web applications.

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