Mercurity Fintech (NASDAQ:MFH) Trading Down 11.8% – Should You Sell?

Shares of Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH) were down 11.8% on Tuesday . The company traded as low as $9.35 and last traded at $9.16. Approximately 134,529 shares were traded during trading, a decline of 64% from the average daily volume of 371,440 shares. The stock had previously closed at $10.39.

Wall Street Analyst Weigh In

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

Mercurity Fintech Trading Down 12.0%

The firm has a fifty day moving average price of $13.52 and a 200-day moving average price of $7.71.

Mercurity Fintech declared that its Board of Directors has approved a stock repurchase plan on Tuesday, July 22nd that permits the company to buyback $10.00 million in shares. This buyback authorization permits the company to repurchase up to 7.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MFH. Millennium Management LLC raised its position in Mercurity Fintech by 671.0% during the first quarter. Millennium Management LLC now owns 797,099 shares of the company’s stock valued at $4,272,000 after purchasing an additional 693,720 shares in the last quarter. Geode Capital Management LLC boosted its stake in Mercurity Fintech by 1,103.8% in the second quarter. Geode Capital Management LLC now owns 429,832 shares of the company’s stock valued at $1,655,000 after buying an additional 394,126 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Mercurity Fintech by 200.0% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 132,406 shares of the company’s stock valued at $510,000 after buying an additional 88,265 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in 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 buying an additional 80,452 shares in the last quarter. Finally, Invesco Ltd. acquired a new stake in Mercurity Fintech in the first quarter valued at about $271,000. 30.82% of the stock is currently owned by institutional investors and hedge funds.

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.