Short Interest in Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH) Expands By 118.5%

Key Points

• Short interest in Mercurity Fintech Holding Inc. has surged by **118.5%**, reaching a total of **4,020,000 shares** as of July 31st.
• The company has authorized a **$10 million share repurchase program**, indicating management's belief that its shares may be undervalued.
• Hedge funds have significantly increased their investments in Mercurity Fintech, with **Millennium Management** boosting its holdings by **671%** in the first quarter.

Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH - Get Free Report) saw a large increase in short interest in July. As of July 31st, there was short interest totaling 4,020,000 shares, anincreaseof118.5% from the July 15th total of 1,840,000 shares. Approximately17.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 782,700 shares, the short-interest ratio is presently 5.1 days. Based on an average daily trading volume, of 782,700 shares, the short-interest ratio is presently 5.1 days. Approximately17.0% of the shares of the stock are short sold.

Mercurity Fintech Stock Up 1.1%

MFH traded up $0.0510 during midday trading on Thursday, hitting $4.5410. The stock had a trading volume of 49,276 shares, compared to its average volume of 379,508. Mercurity Fintech has a 1 year low of $1.03 and a 1 year high of $8.86. The business has a fifty day moving average of $3.91 and a 200 day moving average of $5.08.

Mercurity Fintech announced that its Board of Directors has initiated a share buyback plan on Tuesday, July 22nd that allows the company to repurchase $10.00 million in shares. This repurchase authorization allows the company to reacquire up to 7.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Hedge Funds Weigh In On Mercurity Fintech

Several institutional investors and hedge funds have recently made changes to their positions in MFH. Geode Capital Management LLC boosted its holdings in Mercurity Fintech by 16.3% during the 4th quarter. Geode Capital Management LLC now owns 29,969 shares of the company's stock valued at $205,000 after acquiring an additional 4,201 shares during the period. Schonfeld Strategic Advisors LLC bought a new stake in Mercurity Fintech in the fourth quarter valued at approximately $420,000. 683 Capital Management LLC purchased a new stake in shares of Mercurity Fintech during the fourth quarter valued at approximately $423,000. Balyasny Asset Management L.P. purchased a new stake in shares of Mercurity Fintech during the fourth quarter valued at approximately $174,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Mercurity Fintech in the fourth quarter worth approximately $108,000. Institutional investors own 30.82% of the company's stock.

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.