Why Future FinTech Group (FTFT) stock jumped over 23% today?

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Why Future FinTech Group (FTFT) stock jumped over 23% today?

 Why Future FinTech Group (FTFT) stock jumped over 23% today?
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Highlights

  • Future FinTech Group Inc. (FTFT) stock jumped 23.74% on Thursday.
  • The company operates a blockchain-based online shopping chain cloud mall or CCM.
  • Its stock declined 18.11% year-to-date.

The Future FinTech Group Inc. (FTFT) stock jumped 23.74% to US$1.522 at 10:44 am ET on Thursday after it announced starting a new blockchain division to manage its business.

Its trading volume rose to 21,780,637, higher than the 90-day average of 2,541,688, after the announcement.

The New York-based Future FinTech Group is a holding company based in Florida.

It develops blockchain technology for a real-life experience involving supply chain and financial services in the B2B and B2C categories.

The financial technology company operates a blockchain-based online shopping mall or Chain Cloud Mall (CCM) for incubating blockchain-based application projects. 

It went public in March 2009.

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(Why Future FinTech Group (FTFT) stock jumped 23.74% today?)

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Financials

For the nine months ended Sept 30, 2021, the company booked an operating loss of US$9.74 million on revenue of US$12.5 million. In the same period a year ago, the operating loss was US$2.77 million on revenue of US$0.355 million.

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Its comprehensive loss attributable to stockholders was US$11.9 million or US$(0.18) per share diluted compared to a loss of US$104.0 million or US$3.02 per diluted share a year ago.

As of Sept 30, 2021, its cash and cash equivalents were US$52.97 million against US$9.43 million as of Dec 31, 2020. The cash boost was because of proceeds from the issuance of common stock shares.

Future FinTech has a market capitalization of US$105.8 million. The FTFT stock traded in the price range of US$11.29 to US$0.98 in the last year. 

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Bottomline

More and more companies are adopting blockchain technology in their operations. Financial services organizations are no exception. Blockchain technology has been transforming many sectors lately. However, not all companies have achieved success. Hence, investors must apply due diligence before investing in the stock market.

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