Future FinTech Group Inc. (NASDAQ:FTFT) stock identified change of 145.24% away from 52-week low price and recently located move of -63.86% off 52-week high price. It has market worth of $28.68M. FTFT stock has been recorded 17.89% away from 50 day moving average and 21.86% away from 200 day moving average. Moving closer, we can see that shares have been trading 23.40% off 20-day moving average.
On March 26, 2020, Future FinTech Group Inc. (NASDAQ:FTFT) disclosed that the Company, through its wholly-owned subsidiary Future FinTech (Hong Kong) Limited, entered into an equity acquisition frame agreement (the Agreement) with Joyrich Enterprises Limited (Joyrich) on March 26, 2020. Pursuant to the Agreement, the Company plans to acquire no less than 51% equity interest of Nice Talent Asset Management Limited (NTAM), a legal entity organized under the laws of Hong Kong. The Agreement is non-binding except for the Confidentiality and Exclusivity and Applicable Law and Dispute Resolution sections of the Agreement.
Owned by Joyrich Enterprises Limited, Nice Talent Asset Management Limited was founded in 2018 and is licensed under the Securities and Futures Commission of Hong Kong (SFC) for carrying out regulated activities in Advising on Securities and Asset Management. NTAM’s main services include asset management and investment advisory. According to the Agreement, the Company will select qualified law firm and accounting firm to conduct formal due diligence on NTAM and then the parties will discuss and determine the final purchase price and definitive purchase agreement.
NTAM has a professional asset management team, a reliable partner network, mature market channels and customer resources, said Mr. Shanchun Huang, Chief Executive Officer of Future FinTech. Completing this acquisition in Hong Kong will allow FTFT to quickly enter the field of modern boutique financial services and better provide asset management and investment consulting services for SMEs in Hong Kong, one of the financial centers in Asia. We believe the acquisition will bring additional revenues for the Company and further expand our financial technology and boutique financial service business.
The Consumer Goods sector company, Future FinTech Group Inc. noticed change of -1.90% to $1.03 along volume of 1992301 shares in recent session compared to an average volume of 248.99K. The stock observed return of 28.59% in 5 days trading activity. The stock was at 13.82% over one month performance. FTFT’s shares are at 135.05% for the quarter and driving a 38.27% return over the course of the past year and is now at 128.84% since this point in 2018.
The average volatility for the week at 21.07% and for month was at 14.73%. There are 27.84M shares outstanding and 9.02M shares are floated in market. Right now the stock beta is 2.92.