Mercurity Fintech (NASDAQ:MFH) Stock Price Down 11.1% – Should You Sell?

Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH) shares were down 11.1% on Tuesday . The company traded as low as $10.29 and last traded at $10.4910. Approximately 67,953 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 368,292 shares. The stock had previously closed at $11.80.

Analysts Set New Price Targets

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

Mercurity Fintech Trading Down 5.0%

The firm has a fifty day moving average of $14.00 and a 200-day moving average of $7.88.

Mercurity Fintech declared that its Board of Directors has authorized a share buyback program on Tuesday, July 22nd that permits the company to buyback $10.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 7.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MFH. Millennium Management LLC lifted its position in shares of Mercurity Fintech by 671.0% in the first quarter. Millennium Management LLC now owns 797,099 shares of the company’s stock valued at $4,272,000 after buying an additional 693,720 shares during the last quarter. Geode Capital Management LLC boosted 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of 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 purchasing an additional 88,265 shares during the period. 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 worth $789,000 after purchasing an additional 80,452 shares during the last quarter. Finally, Invesco Ltd. bought a new position in Mercurity Fintech in the first quarter valued at approximately $271,000. 30.82% of the stock is currently owned by institutional investors and hedge funds.

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.