Shares of Future FinTech Group Soar, Allowing the Stock to Become a Top Winner of the Day

Future FinTech

Last month, Chinese-based holding company Future FinTech Group Inc. (NASDAQ:FTFT) reported their Q3 earnings report. In the report, the company expressed negatives, such as experiencing challenging market conditions during the quarter and witnessing a 56% decrease in revenue compared to the year prior.

However, Future FinTech Group also announced a few positives in the report as well, including a new corporate name which they believe better reflects their loyalty to fintech. Additionally, Future FinTech reported last month in the Q3 report that they have agreed to enter into a joint venture in order to create an asset management company that will be used solely to buy non-performing assets.

Despite the challenging market conditions Fintech Group experienced in Q3, shares are climbing up the ladder a month later, allowing the stock to make Tuesday, December 19’s top winners lists. At the time of writing, the stock is up 78.05%, reaching $3.25.

While the company has experienced a few bumps along the way, today’s boost might suggest that the company is on the verge of bigger and better things. Based on reports from First Call, analysts have given the stock a consensus recommendation of 3.00 based on a scale of 1 to 5. What does a recommendation of 3 mean? It means analysts are signifying a ‘Hold’ rating of the stock. If the consensus number were to be a 1 or a 2, it would signify that the consensus is a ‘Buy’, while a 4 or 5 consensus recommendation would indicate a ‘Sell’.

For those who don’t know, Future FinTech Group is a company that values using various financial technology solutions when operating their business, as well as using these solutions to further its businesses in the marketplace. Currently, Future FinTech deals with producing various fruit beverages and other fruit related products in both the country of China and in international markets.

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