Short Interest in Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH) Grows 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) was the recipient of a significant 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. Currently,17.0% of the shares of the stock are short sold. Based on an average daily volume of 782,700 shares, the short-interest ratio is presently 5.1 days. Based on an average daily volume of 782,700 shares, the short-interest ratio is presently 5.1 days. Currently,17.0% of the shares of the stock are short sold.

Mercurity Fintech Price Performance

Shares of Mercurity Fintech stock traded up $0.3060 during trading hours on Friday, hitting $4.8960. The company's stock had a trading volume of 48,527 shares, compared to its average volume of 377,725. The business has a 50 day moving average price of $3.92 and a two-hundred day moving average price of $5.06. Mercurity Fintech has a 12-month low of $1.03 and a 12-month high of $8.86.

Mercurity Fintech announced that its Board of Directors has initiated a stock buyback program on Tuesday, July 22nd that permits the company to repurchase $10.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 7.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's management believes its stock is undervalued.

Institutional Investors Weigh In On Mercurity Fintech

Large investors have recently added to or reduced their stakes in the stock. Police & Firemen s Retirement System of New Jersey bought a new stake in Mercurity Fintech during the second quarter worth approximately $28,000. Bank of America Corp DE bought a new stake in Mercurity Fintech during the second quarter worth approximately $39,000. Harvest Portfolios Group Inc. bought a new stake in Mercurity Fintech during the first quarter worth approximately $66,000. Cubist Systematic Strategies LLC bought a new stake in Mercurity Fintech during the fourth quarter worth approximately $108,000. Finally, Intech Investment Management LLC bought a new stake in Mercurity Fintech during the second quarter worth approximately $73,000. 30.82% of the stock is owned by 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.