Mercurity Fintech (NASDAQ:MFH) Trading Up 13.5% – Still a Buy?

Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH) shares were up 13.5% during mid-day trading on Monday . The stock traded as high as $12.20 and last traded at $12.5840. Approximately 17,654 shares were traded during trading, a decline of 95% from the average daily volume of 369,166 shares. The stock had previously closed at $11.09.

Analyst Upgrades and Downgrades

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, Mercurity Fintech has an average rating of “Sell”.

Mercurity Fintech Trading Up 6.4%

The business has a fifty day moving average price of $13.90 and a 200-day moving average price of $7.85.

Mercurity Fintech announced that its board has initiated a stock buyback plan on Tuesday, July 22nd that permits the company to repurchase $10.00 million in shares. This repurchase authorization permits the company to purchase up to 7.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Millennium Management LLC increased its stake in 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 acquiring an additional 693,720 shares during the period. Geode Capital Management LLC lifted its position in Mercurity Fintech by 1,103.8% during the second quarter. Geode Capital Management LLC now owns 429,832 shares of the company’s stock worth $1,655,000 after purchasing an additional 394,126 shares during the period. Goldman Sachs Group Inc. grew its stake in Mercurity Fintech by 120.7% during the first quarter. Goldman Sachs Group Inc. now owns 147,118 shares of the company’s stock worth $789,000 after buying an additional 80,452 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Mercurity Fintech by 200.0% during the second 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 in the last quarter. Finally, Invesco Ltd. bought a new position in Mercurity Fintech in the 1st quarter valued at about $271,000. 30.82% of the stock is owned by institutional investors.

About Mercurity Fintech

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.