Weiss Ratings Reaffirms "Sell (E+)" Rating for Mercurity Fintech (NASDAQ:MFH)

Key Points

• Weiss Ratings has reiterated a "Sell (E+)" rating for Mercurity Fintech (NASDAQ:MFH), indicating ongoing concerns about the company's stock performance.
• Mercurity Fintech announced a stock repurchase program authorizing the buyback of up to $10 million in shares, suggesting the board believes the stock is undervalued.
• Notable increases in holdings were observed by institutional investors, including Millennium Management LLC and Geode Capital Management LLC, boosting their shares significantly during the last quarters.

Mercurity Fintech (NASDAQ:MFH - Get Free Report)'s stock had its "sell (e+)" rating reiterated by equities researchers at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

Mercurity Fintech Price Performance

Shares of MFH opened at $30.21 on Wednesday. The firm has a 50-day moving average of $9.96 and a 200-day moving average of $6.58. Mercurity Fintech has a one year low of $1.03 and a one year high of $36.77.

Mercurity Fintech announced that its Board of Directors has approved a stock repurchase program 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 shares through open market purchases. Shares buyback programs are generally a sign that the company's board believes its stock is undervalued.

Institutional Trading of Mercurity Fintech

Several hedge funds and other institutional investors have recently modified their holdings of MFH. Millennium Management LLC boosted its holdings 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 buying an additional 693,720 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Mercurity Fintech by 1,103.8% during the 2nd 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 period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of 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 buying an additional 88,265 shares during the period. Goldman Sachs Group Inc. raised its stake in Mercurity Fintech by 120.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 147,118 shares of the company's stock worth $789,000 after purchasing an additional 80,452 shares in the last quarter. Finally, Invesco Ltd. acquired a new stake in Mercurity Fintech in the 1st quarter worth about $271,000. 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.

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