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

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

Analyst Upgrades and Downgrades

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

Mercurity Fintech Stock Performance

The business’s 50 day moving average is $13.90 and its two-hundred day moving average is $7.85.

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

Hedge Funds Weigh In On Mercurity Fintech

Institutional investors and hedge funds have recently made changes to their positions in the stock. Millennium Management LLC boosted its holdings in Mercurity Fintech by 671.0% in the first 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 in the last quarter. Geode Capital Management LLC lifted its stake in shares of 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. Goldman Sachs Group Inc. lifted its stake in shares of 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of 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 worth $510,000 after acquiring an additional 88,265 shares during the last quarter. Finally, Invesco Ltd. bought a new position in Mercurity Fintech in the 1st quarter valued at 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.