Mercurity Fintech (NASDAQ:MFH) Shares Down 7.2% – Time to Sell?

Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH)’s share price dropped 7.2% during mid-day trading on Thursday . The company traded as low as $2.84 and last traded at $2.85. Approximately 128,186 shares traded hands during trading, a decline of 75% from the average session volume of 509,724 shares. The stock had previously closed at $3.07.

Mercurity Fintech Price Performance

The company’s 50 day simple moving average is $4.96 and its 200 day simple moving average is $5.20.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. purchased a new stake in Mercurity Fintech during the 3rd quarter worth about $44,000. Bank of America Corp DE boosted its stake in shares of Mercurity Fintech by 28.3% in the 3rd quarter. Bank of America Corp DE now owns 12,829 shares of the company’s stock valued at $315,000 after buying an additional 2,827 shares during the period. BNP Paribas Financial Markets boosted its stake in shares of Mercurity Fintech by 145.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 7,701 shares of the company’s stock valued at $189,000 after buying an additional 4,560 shares during the period. Sei Investments Co. acquired a new position in shares of Mercurity Fintech during the third quarter worth about $203,000. Finally, JPMorgan Chase & Co. grew its position in shares of Mercurity Fintech by 280.6% during the third quarter. JPMorgan Chase & Co. now owns 14,919 shares of the company’s stock worth $367,000 after buying an additional 10,999 shares in the last quarter. 30.82% of the stock is currently owned by hedge funds and other 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. It also offers cryptocurrency mining services that provides computing power to the mining pool; and digital consultation services, such as digital payment solutions, asset management, and online and traditional brokerage services.