MMTec (NASDAQ:MTC) Trading Down 1.7% – Here’s Why

MMTec, Inc. (NASDAQ:MTC) dropped 1.7% during mid-day trading on Wednesday . The company traded as low as $4.16 and last traded at $4.16. Approximately 48,628 shares changed hands during trading, a decline of 16% from the average daily volume of 58,224 shares. The stock had previously closed at $4.23.

Wall Street Analysts Forecast Growth

MTC has been the subject of a number of analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of MMTec in a report on Monday, December 29th. Wall Street Zen raised MMTec to a “sell” rating in a research report on Saturday, December 13th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Sell”.

MMTec Stock Down 1.7%

The company’s 50 day simple moving average is $3.30 and its two-hundred day simple moving average is $2.01.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC purchased a new stake in MMTec in the fourth quarter valued at about $92,000. Marex Group plc acquired a new position in shares of MMTec during the second quarter valued at about $36,000. Finally, Susquehanna International Group LLP raised its position in shares of MMTec by 648.5% in the 3rd quarter. Susquehanna International Group LLP now owns 89,595 shares of the company’s stock valued at $74,000 after purchasing an additional 77,625 shares during the last quarter. 0.25% of the stock is owned by institutional investors and hedge funds.

MMTec Company Profile

MMTec, Inc, together with its subsidiaries, develops and deploys platforms that enable financial institutions to engage in securities market transactions and settlements worldwide. The company operates in two segments, Gujia and MM Global. It offers Internet-based securities solutions comprising Securities Dealers Trading System, which supports securities registration and clearing, account management, risk management, trading and execution, and third party access middleware; Private Fund Investment Management System that supports multi-account management, fund valuation, risk management, quantitative trading access, liquidation, and requisition management; and Mobile Transaction Individual Client System and PC Client System for Apple IOS, Android, PC, and Web applications.