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Future Fintech Group (FTFT) Announces Acquisition of Nice Talent Asset Management; Shares Up 27.24%

Thursday, July 16, 2020 10:02 AM | Neal Farmer

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Future Fintech Group (FTFT) Announces Acquisition of Nice Talent Asset Management; Shares Up 27.24%

Future Fintech Group Inc (FTFT) will acquire 90% of Nice Talent Asset Management Limited (NTAM) shares as part of its share exchange agreement with Joy Rich Enterprises Limited. The deal is valued at roughly $7 million with 40% of it being paid in common stock and the rest paid on achievement of particular EBIT goals by NTAM. Since the news FTFT stock has surged 27.24% in price after trading around $1.10 a share until July and is now up to $3.41. Market sentiment is high on FTFT since rumors of its interest in NTAM began with this news continuing its rise.

FTFT stock is up 188.98% over the last 12 months, and the average rating from Wall Street analysts is a Strong Sell. InvestorsObserver’s proprietary scoring system, gives FTFT stock a score of 66 out of a possible 100.

That score is mainly influenced by a short-term technical score of 100. FTFT’s score also includes a long-term technical score of 98. The fundamental score for FTFT is 0.

What’s Happening with FTFT Stock Today

Future Fintech Group Inc (FTFT) stock has gained 27.24% while the S&P 500 has fallen -0.63% as of 9:50 AM on Thursday, Jul 16. FTFT is up $0.73 from the previous closing price of $2.68 on volume of 3,046,999 shares. Over the past year the S&P 500 is up 7.43% while FTFT is up 188.98%. FTFT earned $2.84 a per share in the over the last 12 months, giving it a price-to-earnings ratio of 1.19.

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