Mercurity Fintech (NASDAQ:MFH) Shares Gap Down – Here’s What Happened

by · The Cerbat Gem

Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH – Get Free Report) shares gapped down before the market opened on Wednesday . The stock had previously closed at $9.14, but opened at $8.42. Mercurity Fintech shares last traded at $9.3240, with a volume of 21,846 shares trading hands.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Mercurity Fintech in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Mercurity Fintech currently has a consensus rating of “Sell”.

View Our Latest Analysis on MFH

Mercurity Fintech Stock Performance

The stock has a 50 day simple moving average of $13.90 and a 200-day simple moving average of $7.82.

Mercurity Fintech declared that its board has authorized a stock buyback program on Tuesday, July 22nd that allows the company to repurchase $10.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 7.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Mercurity Fintech

A number of hedge funds have recently made changes to their positions in MFH. Millennium Management LLC increased its holdings in Mercurity Fintech by 671.0% in the 1st quarter. Millennium Management LLC now owns 797,099 shares of the company’s stock valued at $4,272,000 after acquiring an additional 693,720 shares during the last quarter. Geode Capital Management LLC lifted 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 worth $1,655,000 after purchasing an additional 394,126 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Mercurity Fintech by 200.0% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 132,406 shares of the company’s stock valued at $510,000 after acquiring an additional 88,265 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Mercurity Fintech by 120.7% during the 1st 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. purchased a new stake in shares of Mercurity Fintech in the first quarter valued at approximately $271,000. Institutional investors own 30.82% of the company’s stock.

About Mercurity Fintech

(Get Free Report)

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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