Mercurity Fintech (NASDAQ:MFH) Shares Down 5.2% – Here’s Why

Mercurity Fintech Holding Inc. Sponsored ADR (NASDAQ:MFH)’s share price was down 5.2% on Thursday . The company traded as low as $3.41 and last traded at $3.46. 249,893 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 509,724 shares. The stock had previously closed at $3.65.

Mercurity Fintech Price Performance

The company’s 50 day simple moving average is $3.72 and its 200-day simple moving average is $4.94.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MFH. Russell Investments Group Ltd. purchased a new position in Mercurity Fintech during the 3rd quarter valued at about $44,000. Bank of America Corp DE lifted its position 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 worth $315,000 after purchasing an additional 2,827 shares during the period. BNP Paribas Financial Markets boosted its stake in shares of Mercurity Fintech by 145.2% during the third quarter. BNP Paribas Financial Markets now owns 7,701 shares of the company’s stock valued at $189,000 after purchasing an additional 4,560 shares in the last quarter. Sei Investments Co. bought a new position in shares of Mercurity Fintech during the third quarter valued at approximately $203,000. Finally, JPMorgan Chase & Co. increased its holdings in Mercurity Fintech by 280.6% during the third quarter. JPMorgan Chase & Co. now owns 14,919 shares of the company’s stock valued at $367,000 after buying an additional 10,999 shares during the period. 30.82% of the stock is currently owned by 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.