Here's Why Future FinTech Group Stock Jumped Today | 02.03.21 | finanzen.at

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02.03.2021 17:19:16

Here's Why Future FinTech Group Stock Jumped Today

Shares of Future FinTech Group (NASDAQ: FTFT) jumped on Tuesday morning, after the company announced it's acquiring a 60% stake in Sichuan Ticode Supply Chain Management Co. -- or just Ticode for short. It seems investors are excited about this news, perhaps because two other recent acquisitions fell through. As of 11 a.m. EST, Future FinTech stock was up almost 10%.Future FinTech was formerly a fruit juice company called SkyPeople Juice Group. But management recently decided to pivot the company toward blockchain and cryptocurrency solutions. Part of the ongoing strategy shift has included making acquisitions like its announced acquisition of Ticode today. According to the press release, the deal is valued at just nine times trailing net earnings, which is quite a bargain.Image source: Getty Images.Continue reading
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