Mercurity Fintech (NASDAQ:MFH) Trading Down 8.9% – Time to Sell?

Shares of Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH) traded down 8.9% during mid-day trading on Wednesday . The company traded as low as $4.97 and last traded at $5.03. 102,399 shares traded hands during trading, a decline of 72% from the average session volume of 368,355 shares. The stock had previously closed at $5.52.

Wall Street Analysts Forecast Growth

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

Mercurity Fintech Stock Down 8.9%

The business’s fifty day simple moving average is $8.56 and its two-hundred day simple moving average is $8.53.

Hedge Funds Weigh In On Mercurity Fintech

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC lifted its position in shares of Mercurity Fintech by 671.0% in 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 increased its position in shares of Mercurity Fintech by 1,103.8% during the second quarter. Geode Capital Management LLC now owns 429,832 shares of the company’s stock valued at $1,655,000 after purchasing an additional 394,126 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake 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 in the last quarter. Goldman Sachs Group Inc. lifted its position in Mercurity Fintech by 120.7% in the first 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 period. Finally, Arete Wealth Advisors LLC acquired a new stake in Mercurity Fintech during the third quarter worth $1,273,000. 30.82% of the stock is currently owned by institutional investors.

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. 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.